Wells Fargo & Co. finally escaped a Federal Reserve asset cap that has restricted its size for more than seven years, unleashing the firm from the unprecedented punishment in a major win for Chief Executive Officer Charlie Scharf.

Wells Fargo (WFC) aims to build up its corporate and investment bank and expand its branded credit-card business, among plans to grow the bank after seven years of being constrained by a $1.95T asset cap,

The Federal Reserve has lifted restrictions imposed on Wells Fargo's growth seven years ago following a series of scandals, including one where staff set up fake accounts.