Wells Fargo’s Scharf Enters Growth Era Targeting Wall Street (1)

Charlie Scharf can finally play offense.

After more than a half-decade cleaning up Wells Fargo & Co.’s scandals, the chief executive officer has cleared away the firm’s biggest impediment to growth: the Federal Reserve’s seven-year-old cap on assets. That means the $1.95 trillion lender can once again seek to narrow the gap with larger rivals JPMorgan Chase & Co. and Bank of America Corp. — including in Wall Street business lines.

The unshackling of Wells Fargo sets up stiffer competition among the biggest US banks — and a new chapter for Scharf, who has sought to keep a low ...