**Wells Fargo Celebrates Lifting of Federal Reserve Asset Caps with Special Employee Award**

Wells Fargo & Company (NYSE: WFC) has confirmed a significant development: the Federal Reserve Board has lifted the restrictions on the bank's asset growth. Imposed in a 2018 consent order, these caps required Wells Fargo to fulfill various stringent conditions, including enhancing board effectiveness and upgrading compliance and operational risk programs across the firm.

CEO Charlie Scharf acknowledged the milestone as pivotal in the bank's transformation journey. "We are a different and far stronger company today because of the work we've done," Scharf stated. He emphasized that the transformation included a simplified business mix, a revamped management team, and better financial results. Scharf expressed optimism about the bank's future growth plans, underpinned by the newly implemented processes and cultural changes.

Recognizing the efforts of the 215,000 employees who contributed to this achievement, Wells Fargo announced a special $2,000 award for all full-time staff. This award, largely in the form of a restricted stock grant, aims to give employees a stake in the company's continued success. Scharf noted that the award symbolizes the company's appreciation for the employees’ hard work and commitment.

Steven D. Black, Chair of Wells Fargo's Board of Directors, praised the board for facilitating the substantial changes needed to reach this outcome. He also lauded Scharf's leadership since his arrival in late 2019, highlighting his ability to navigate through a global pandemic, economic volatility, and regulatory challenges. Black underscored Scharf's role in making Wells Fargo a more respected financial institution.

Wells Fargo, a financial services giant with assets totaling approximately $1.9 trillion, offers a diverse range of banking, investment, and mortgage products. The company operates through four primary segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. It was recently ranked No. 34 on Fortune's 2024 list of America's largest corporations.