Wells Fargo, a financial services giant with approximately $1.9 trillion in assets, encompasses an array of divisions including consumer and small-business banking and lending; wealth and investment management; and corporate and investment banking. As of 2020, Wells Fargo was the fourth largest U.S. bank by total assets. In recent years, the company has been marred by a variety of reputation-damaging incidents, most notably a scandal unearthed in 2016 and involving the creation of as many as 1.5 million sham bank accounts by company employees, practices from which Wells Fargo is still attempting to recover. Subsequently in 2018, the Federal Reserve imposed a $1.95 trillion asset cap on Wells Fargo, limiting the bank’s ability to grow and compete with other top banks.
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