HOW CHARLIE SCHARF GOT WELLS FARGO OUT OF THE PENALTY BOX

When Charlie Scharf took over as Wells Fargo CEO nearly six years ago, he said its culture was broken. On Tuesday, the Fed said the bank's problems were mostly fixed as it lifted a $1.95 trillion asset cap imposed in 2018.

Scharf, 60, thanked Wells Fargo's 215,000 employees after they carried out his turnaround plans, one of the biggest in the banking industry. Years after its fake-accounts scandal drew public outrage and billions of dollars in fines, Wells Fargo has convinced the Fed that it has corrected its failures and could be allowed to grow again.

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