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After years of regulatory restrictions on its balance sheet, Wells Fargo & Co. is in growth mode, with Arizona serving as a key market for the San Francisco-based financial giant, the bank’s top executive told the Business Journal.
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Last year, the U.S. Federal Reserve lifted a $1.95 trillion asset cap that was imposed on Wells Fargo (NYSE: WFC) in 2018 after the bank’s high-profile compliance issues surfaced. Since then, the bank is seeing significant growth in deposits and loans, driven in part by new credit card accounts, auto loan originations and commercial lending activity.
Wells Fargo reported average loans of $1 trillion and average deposits of $1.5 trillion during the third quarter, both representing an 11% increase over the prior year quarter.
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In Arizona, Wells Fargo aims to expand its presence through customer relationships, local community engagement and investment across its banking businesses, Scharf told the Business Journal in an exclusive interview during a visit to the company’s Chandler corporate campus earlier this month.
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Read more of this story from the Business Journal.