The cap was introduced following revelations that Wells Fargo employees had opened unauthorised accounts to meet sales targets.

Wells Fargo & Co. today confirmed that its asset cap has been lifted by the Federal Reserve. The asset cap had been put into place under its 2018 consent order to address the bank’s poor governance and risk management practices.

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture