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What was the reason for the Federal Reserve barring Wells Fargo from growing its asset base in 2018?

  • Bankruptcy

  • Account fraud

  • Lack of funds

  • Merger

Answer

In 2018, the Federal Reserve barred Wells Fargo from growing its nearly $2 trillion-asset base any further due to account fraud by the bank. The company was required to fix its internal problems to the satisfaction of the Federal Reserve.
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