Wells Fargo & Company (NYSE:WFC) today announced that the Federal
Reserve Board has not objected to the Company’s 2017 Capital Plan under
the recently concluded Comprehensive Capital Analysis and Review (CCAR)
of the nation’s largest banks.
“We are pleased by today’s CCAR result, which demonstrates the strength
of our diversified business model, strong capital position, and our
continued focus on risk management,” said CEO Tim Sloan.
Wells Fargo’s 2017 Capital Plan covers the four-quarter period from the
third quarter of 2017 through the second quarter of 2018. As part of
this plan, the Company expects to increase the third quarter 2017 common
stock dividend to $0.39 per share from $0.38 per share, subject to
approval by the Company’s Board of Directors. The plan also includes up
to $11.5 billion of common stock repurchases1 for the same
four-quarter period. For the previous four quarters ended first quarter
2017, the Company repurchased $8.3 billion of common stock1,2.
Quarterly common stock repurchases are subject to management discretion.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based
financial services company with $2.0 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,500 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 42 countries and territories to support customers who conduct
business in the global economy. With approximately 273,000 team members,
Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of
America’s largest corporations.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future
regulatory capital levels and possible future capital actions, including
common stock dividends and common stock repurchases.
Forward-looking statements speak only as of the date made, and we do not
undertake to update them. Actual capital levels and capital actions may
vary materially from the expectations described in this news release due
to a number of factors, including those described in our reports filed
with the Securities and Exchange Commission and available at www.sec.gov.
The amount and timing of any future common stock dividends or
repurchases will depend on the earnings, cash requirements and financial
condition of the Company, market conditions, capital requirements
(including under Basel capital standards), common stock issuance
requirements, applicable law and regulations (including federal
securities laws and federal banking regulations), and other factors
deemed relevant by the Company’s Board of Directors, and may be subject
to regulatory approval or conditions.
1 Gross basis: Total common stock repurchases before issuance
amounts to employee benefit plans.
2 For the previous
four quarters ended first quarter 2017, common stock issuances for
employee benefit plans were $3.4 billion.