Related: JPMorgan Will Fire Junior Bankers Over a Common Practice That CEO Jamie Dimon Calls ‘Unethical’
Meanwhile, JPMorgan’s competitors have been facing unique difficulties. For example, Wells Fargo’s growth in recent years has been limited by an asset cap, or a growth restriction imposed on the bank by the Federal Reserve in 2018, which limits the bank’s total assets to $1.95 trillion. The action was in response to a scandal involving the bank’s creation of fake customer accounts to meet sales targets. The Federal Reserve finally lifted the asset cap last month.
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