How the Fed’s asset cap changed Wells Fargo

On April 8, the Federal Reserve temporarily eased an asset cap imposed on Wells Fargo so it could make additional loans to coronavirus-ravaged small businesses.

The cap, introduced in February 2018, restricts Wells Fargo to a $1.95 trillion balance sheet. In response, the San Francisco-based bank has changed its asset mix, getting rid of excess cash while ramping up its reverse repo operations.

Over the two years to end-2019, its cash holdings and ‘other assets’ shrunk by 34% and 11%

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