NEW YORK -- The Federal Reserve said Tuesday that Wells Fargo is no longer subject to harsh restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture.

It's a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways.

"We are a different and far stronger company today because of the work we've done," said Wells Fargo CEO Charlie Scharf in a statement. Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around.

Wells Fargo used to have a corporate culture where it placed unreasonable sales goals on its branch employees, which resulted in employees opening up millions of fake accounts in order to meet those goals. Well

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