Asset Cap will be lifted very soon imo. I think the real reason why they hired Charlie is because he is good friend of Bill Dailey(current WF Deputy Chairman). Dailey, was Obama’s Chief of Staff for almost a year and has many friends in Politics World. His #1 job is to make sure that the Cap is lifted.
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The asset cap is imposed by Fed not politicians. Those thieves who corrupted WFC exposed that internal risk and fraud controls were either nonexistent poor or blatantly ignored under the watchful eyes of the management who turned a blind eye. Therefore the repair job needs to be done as the same action but in reverse. New management needs to take over, Charlie has hired outside risk manager chiefs for all business lines in just the past few months. I am certain that bonus and cash awards will be overhauled to strip out corruption and super strict clauses will be inserted into employment contracts like you have never seen before. Internal risk tools will be stripped down and built from ground up with the most and best technology available. Why all this? Because shareholders are p-ss-d and want change and are willing to give Charlie a blank check to do everything he needs to do to raise the stock price. And yes #1 driver to profit is the asset cap. In 5 years WFC will be unrecognizable and on par with JPM. It will be known as the JPM of the west.
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