SAN FRANCISCO--(BUSINESS WIRE)--
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.
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