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Wells Fargo wins Fed acceptance for overhaul plan tied to cap - Bloomberg News

Feb 17 (Reuters) - Fed officials have privately signaled to Wells Fargo & Co that they have accepted its proposal for overhauling risk management and governance, Bloomberg News reported, citing people with knowledge of the matter.

The approval is a key step in getting the regulatory asset cap lifted, which has hindered Wells Fargo’s growth since 2018.

Shares in the bank jumped 6% on Wednesday.

Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York; Editing by Ramakrishnan M.

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