Editor's note: A previous version of this note stated that the $100 million impact from the consent order would be in addition to the previous estimate of $300-400 million.
It has been updated to show that the $100 million figure is the new estimate, revised downward from $300-400 million. banking giant now expects the growth restrictions to remain in place for around six more months, we believe that the bank may have to contend with the restrictions for much of 2019.
Wells Fargo’s efforts to put its sales malpractice issues in the past received a major setback recently, with the Federal Reserve pointing out inadequacies in its plan to resolve internal governance issues. Our interactive dashboard captures the impact of the growth restriction on Wells Fargo’s results and share value.
banking giant now expects the growth restrictions to remain in place for around six more months, we believe that the bank may have to contend with the restrictions for much of 2019.
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Wells Fargo is working on a revised plan on a priority basis, but the new plan will undergo another round of scrutiny by the Fed, following which it will be reviewed independently by third parties.
As a result, the growth restriction (#4 in the list above) is likely to remain in place for at least two more quarters. When the Fed first imposed the growth restriction, Wells Fargo estimated the impact of the order on its profits to be 0-0 million, though it now estimates a 0 million loss due to the delay.