Toby Howell

Starting this week, the Fed lifted its asset restrictions on the bank, ending a rare and long-running penalty that had stunted its ability to expand and cost the bank an estimated $39 billion in profits. This saga dates back to 2015 when Wells Fargo was the belle of the banking world.

Its rise to become the country's most viable bank was fueled by a high-pressure sales culture where compensation was tied to revenue goals. But aggressive sales targets ultimately incentivized employees to open around 3.5 million fake or unauthorized customer accounts from 2009 to 2016.

Its rise to become the country's most viable bank was fueled by a high-pressure sales culture where compensation was tied to revenue goals. But aggressive sales targets ultimately incentivized employees to open around 3.5 million fake or unauthorized customer accounts from 2009 to 2016.

Its rise to become the country's most viable bank was fueled by a high-pressure sales culture where compensation was tied to revenue goals. But aggressive sales targets ultimately incentivized employees to open around 3.5 million fake or unauthorized customer accounts from 2009 to 2016.

What followed was an unprecedented tidal wave of regulatory crackdowns, the harshest being the Fed-imposed asset cap that barred the bank from growing its balance sheet beyond $2 trillion dollars, until it was able to clean up its act. It took a while, but Wells Fargo has gotten its act together under a new CEO, Charlie Scharf, earning the Fed's blessing to get back to business as usual.

What followed was an unprecedented tidal wave of regulatory crackdowns, the harshest being the Fed-imposed asset cap that barred the bank from growing its balance sheet beyond $2 trillion dollars, until it was able to clean up its act. It took a while, but Wells Fargo has gotten its act together under a new CEO, Charlie Scharf, earning the Fed's blessing to get back to business as usual.

What followed was an unprecedented tidal wave of regulatory crackdowns, the harshest being the Fed-imposed asset cap that barred the bank from growing its balance sheet beyond $2 trillion dollars, until it was able to clean up its act. It took a while, but Wells Fargo has gotten its act together under a new CEO, Charlie Scharf, earning the Fed's blessing to get back to business as usual.

That means the now fourth largest bank in the country can freely take deposits, make more loans, and look into acquiring companies once more. Neil, this has been a long comeback for Wells Fargo. that has involved rebuilding its tarnished reputation and fixing deep-rooted cultural issues at the bank.

That means the now fourth largest bank in the country can freely take deposits, make more loans, and look into acquiring companies once more. Neil, this has been a long comeback for Wells Fargo. that has involved rebuilding its tarnished reputation and fixing deep-rooted cultural issues at the bank.

That means the now fourth largest bank in the country can freely take deposits, make more loans, and look into acquiring companies once more. Neil, this has been a long comeback for Wells Fargo. that has involved rebuilding its tarnished reputation and fixing deep-rooted cultural issues at the bank.

Now we'll see if it has any gas left in the tank after years of being stuck in neutral because it sure has a lot of ground to make up.

Now we'll see if it has any gas left in the tank after years of being stuck in neutral because it sure has a lot of ground to make up.

Now we'll see if it has any gas left in the tank after years of being stuck in neutral because it sure has a lot of ground to make up.

I do just want to go back to when this punishment was handed down. An analyst at Piper Sandler said it was almost like a ghost story you would tell children to scare them. but not something you'd actually see in practice. This asset cap was just a very scary thing.

I do just want to go back to when this punishment was handed down. An analyst at Piper Sandler said it was almost like a ghost story you would tell children to scare them. but not something you'd actually see in practice. This asset cap was just a very scary thing.

I do just want to go back to when this punishment was handed down. An analyst at Piper Sandler said it was almost like a ghost story you would tell children to scare them. but not something you'd actually see in practice. This asset cap was just a very scary thing.

And initially, actually, it was thought to be maybe this quick undertaking where Wells Fargo could get its act back in order relatively quickly. And actually, after the punishment was handed down, some analysts actually upgraded the stock because they thought it would be done and dusted within the year. It drew on much longer than that.

And initially, actually, it was thought to be maybe this quick undertaking where Wells Fargo could get its act back in order relatively quickly. And actually, after the punishment was handed down, some analysts actually upgraded the stock because they thought it would be done and dusted within the year. It drew on much longer than that.

And initially, actually, it was thought to be maybe this quick undertaking where Wells Fargo could get its act back in order relatively quickly. And actually, after the punishment was handed down, some analysts actually upgraded the stock because they thought it would be done and dusted within the year. It drew on much longer than that.

More and more things started coming out about how rotten the Wells Fargo culture was. They got hit with a $1.7 billion fine from the Consumer Financial Protection Bureau as well for how they were handling mortgage and auto loans. It was just this whole thing where they needed to switch the culture out, stop incentivizing these employees to