"Our banks do have to scale with the growth in the economy. It doesn't mean that big versus small. Both are necessary ... Show more
The David Rubenstein Show: Peer-to-Peer Conversations - Bloomberg
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American businessperson, the chief executive officer and president of Wells Fargo (born 1965)
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Key FactsFed lifts Wells Fargo’s $1.95 trillion asset cap
Jun 5, 2025 · Reading time: ~45 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- The Federal Reserve’s decision largely ended one of Wells Fargo’s last major regulatory punishments.
- Scharf plans further growth in credit cards and investment banking while investing in wealth and commercial banking.
- The bank will not expand mortgages after exiting many related operations following scandals.
- Wells Fargo plans to raise its dividend, while buybacks are expected to continue at a slower pace.
"Everyone thinks that I'm this tough, tough person ... but it's been so long in the making, it's impacted so many people so negatively," Scharf said. "All of a sudden, it's like it's all been worth it and everyone's feeling it."— Said by Wells Fargo CEO Charlie Scharf after regulators lifted the $1.95 trillion asset cap; Reuters interview
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