In the scandal’s wake, the Federal Reserve imposed an unprecedented $1.95 trillion asset cap, the most significant of the many penalties Wells Fargo faced from regulators. For over seven years, the bank was essentially shackled in place while watching as rivals like Charlotte-based Bank of America continued to grow.

The Federal Reserve has lifted restrictions imposed on Wells Fargo's growth seven years ago following a series of scandals, including one where staff set up fake accounts.

Despite a years-long $2 trln asset limit, the US lender’s stock outperformed most peers since 2020. Forced efficiency amid brutal rate hikes was a boon as scandal rocked the C-suite. Now that regulators are freeing it to chase growth,