Wells Fargo rises after Reuters report asset cap likely to be lifted next year
** Wells Fargo shares WFC.N rise 3% to $79.20 premarket
** The Wall Street bank is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake accounts scandal, Reuters reports, citing sources familiar with the situation
** WFC has done all the work required and cap could be removed as early as H1 2025, Reuters reports
** The Federal Reserve imposed the cap in 2018 and ordered WFC to fix failings in its governance and risk management
** CEO Charlie Scharf said earlier this year that the cap was curtailing WFC's ability to take in more corporate deposits and expand its trading business
** As of last close, WFC shares up 56.2% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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