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

The news that the Fed ඣhad removed the approximately $1.95 trillion cap on the bank’s assets sent Wells Fargo shares soaring in premarket trading. On Tuesday, Wells Fargo said that the Fed’s Board of Governors had concluded that the lender had met the conditions the regulator had imposed to improve its governance and risk controls. The bank also said it had met the Fed condition that a third-party review its work independently.

“The Federal Reserve’s decision to lift the asset cap𝔉 marks a pivotal milestone in our journey to transform Wells Fargo,” Wells Fargo CEO Charlie Scharf said.

“We have changed and simplified our business mix, and we have transfo🙈rmed the management team and 🥀how we run the company,” he added. 

Citi analysts said the “most meaningful benefits of the removal are that WFC can take on more commercial deposits and use more balance sheet to fund trading growth; however, we don't expect immediate tailwinds to loan growth or expense efficiencies.” Citi said that loan growth has been limited less by the asset cap👍 than the uncertain economy that is weighing on loan demand. The brokerage, w♏hich has a neutral call on Wells Fargo, said most of the removal of the cap has already been priced in. 

Scharf also noted the work of the company’s 215,000 employees and announced plans to giඣve full-time employees a special $2,000 award, with most of the staffers getting the funds as a restricted stock grant. Wells Fargo shares are rising about 3% in premarket trading and are up almost 8% so far this year e🌳ntering Wednesday.