Wells Fargo Issues Statement Regarding the Federal Reserve’s Stress Test Results
27 Giugno 2022 - 11:00PM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that it
has completed the 2022 Comprehensive Capital Analysis and Review
(CCAR) stress test process. The Company expects its stress capital
buffer (SCB) to be 3.2%, which represents a percentage amount of
incremental capital the Company must hold above its minimum
regulatory capital requirements. The Federal Reserve Board (FRB)
has indicated that it will publish the Company’s final SCB by
August 31, 2022.
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Wells Fargo branch (Photo: Wells
Fargo)
The Company expects to increase its third quarter 2022 common
stock dividend to $0.30 per share from $0.25 per share, subject to
approval by the Company’s Board of Directors at its regularly
scheduled meeting in July. Additionally, over the four-quarter
period beginning third quarter 2022 through second quarter 2023,
the Company has significant capacity to execute on common stock
repurchases, which will be routinely assessed as part of the
Company’s internal capital adequacy framework that considers
current market conditions and other risk factors.
“Wells Fargo remains in a strong capital position, as confirmed
by this year’s CCAR stress test,” said CEO Charlie Scharf. “We are
well-positioned to support our customers and communities, while
also continuing to return excess capital to shareholders through
dividends and share repurchases.”
About Wells Fargo Wells Fargo & Company (NYSE: WFC)
is a leading financial services company that has approximately $1.9
trillion in assets, proudly serves one in three U.S. households and
more than 10% of small businesses in the U.S., and is a leading
middle market banking provider in the U.S. We provide a diversified
set of banking, investment, and mortgage products and services, as
well as consumer and commercial finance, through our four
reportable operating segments: Consumer Banking and Lending,
Commercial Banking, Corporate and Investment Banking, and Wealth
& Investment Management. Wells Fargo ranked No. 37 on Fortune’s
2021 rankings of America’s largest corporations. In the communities
we serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
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 share
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 expectations 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.
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20220627005752/en/
Media Beth Richek, 704-374-2545
Beth.Richek@wellsfargo.com Investor Relations John Campbell,
415-396-0523 john.m.campbell@wellsfargo.com
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