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The Federal Reserve must not remove Wells Fargo’s $1.95tn asset cap until the bank has fixed its risk management and compliance issues, top Democratic Senator Elizabeth Warren told the US central bank on Wednesday, reports Reuters.

In a letter to Fed chair, Jerome Powell, and the central bank’s regulatory chief, Michael Barr, Warren said the Fed must reject Wells Fargo reported appeal to have the punishment imposed in 2018 lifted until it “can show that it can properly manage the risks associated with running a large bank”.