Wells Fargo shares rise 2.70% premarket after Fed lifts asset cap, allowing growth.

Wells Fargo & Company rose 2.70% in premarket trading, following the U.S. Federal Reserve's decision to lift a $1.95 trillion asset cap imposed on the bank in 2018. This regulatory measure, which was in response to Wells Fargo's long-running sales practices scandal, had restricted the bank's growth for seven years. The removal of the cap allows Wells Fargo to pursue unimpeded growth in areas such as credit cards, wealth management, and commercial banking, marking a significant milestone in the bank's efforts to rebuild its reputation.