(Reuters) -S&P Global upgraded its outlook on Wells Fargo to “positive” from “stable”, the ratings provider said on Friday, after the U.S. bank was released from a $1.95 trillion asset cap earlier this week.

The U.S. Federal Reserve’s unprecedented, seven-year long punitive measure was imposed on Wells in 2018 and restricted balance sheet growth so the bank could address rampant governance and compliance concerns that had been brought to light in a fake accounts scandal in 2016.

The Fed’s unanimous decision on Tuesday capped years of efforts by the bank to repair the damage and pay off billions of dollars in fines, sending Wells Fargo shares to a three-month high a day later. The stock has gained nearly 8.3% in a year where the benchmark S&P 500 has remained flat.

“The positive outlook

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