Wells Fargo Sold Assets to Stay Under Fed Asset Cap as Markets Lurched

Wells Fargo & Co. unloaded hundreds of millions of dollars of assets during this spring’s market collapse to stay out of trouble with the Federal Reserve. The Fed put limits on Wells Fargo’s size as punishment for its 2016 fake-account scandal. Loans the bank made to customers drawing on credit lines in the pandemic’s early…

Wells Fargo & Co. unloaded hundreds of millions of dollars of assets during this spring’s market collapse to stay out of trouble with the Federal Reserve.

The Fed put limits on Wells Fargo’s size as punishment for its 2016 fake-account scandal. Loans the bank made to customers drawing on credit lines in the pandemic’s early days increased its size, and the bank scrambled to sell assets to get back in line, according to people familiar with the matter.

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