Wells Fargo cuts deposits to meet Fed order

Wells Fargo shed billions in deposits in the first quarter as part of its efforts to comply with the extraordinary asset cap applied by the Federal Reserve in February, which prevents the bank from growing at all until it overhauls governance and risk management practices.

The California-based lender pushed out $15 billion of commercial deposits from financial institutions in direct response to the asset cap. The total decline in financial institution deposits over the quarter was $32.3 billion

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