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Regulators lift sanctions and approve Wells Fargo's 'living will' after revisions

Regulators lift sanctions and approve Wells Fargo's 'living will' after revisions

As Wells Fargo & Co. prepares for a high-stakes annual meeting that could reshuffle its board, regulators on Monday gave the beleaguered bank a rare piece of good news, signing off on the company’s so-called living will and lifting restrictions in place since last year.

The Federal Deposit Insurance Corp. and Federal Reserve had said in December that the bank did not have an adequate plan to ensure it could be quickly dismantled and sold off — but continue operating — in the event of a bankruptcy.

Regulators specifically said the bank’s living will did not simplify the company’s legal structure and address how the different businesses could independently operate if the...

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