Charlie Scharf, CEO of Wells Fargo, expressed confidence in the bank's progress on compliance issues following a prolonged fake accounts scandal. He detailed the bank's risk control efforts at the Goldman Sachs Financial Services Conference. Scharf highlighted that the bank has detailed plans for each regulatory consent order, which have been reviewed by regulators. He emphasized that progress is tracked weekly by the operating committee.
Reports last month indicated that Wells Fargo is nearing the final stages of regulatory testing to lift the $1.95 trillion asset cap imposed by the Federal Reserve in 2018. The scandal involved unauthorized opening of over 3.5 million accounts by employees, leading to significant penalties and leadership changes.
