Wells Fargo Releases Stress Test Results Under Dodd-Frank Act
June 22 2017 - 4:50PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today released the results
of its company-run stress test conducted in accordance with the
Dodd-Frank Wall Street Reform and Consumer Protection Act
(DFA).
The results can be found at:
https://www.wellsfargo.com/about/investor-relations/stress-test-reports/
The Federal Reserve Board has published the results of its
supervisory-run DFA stress tests for the nation’s largest banks,
including Wells Fargo, using the Dodd-Frank Capital Actions1
distribution requirements. Wells Fargo’s estimates may differ from
the Federal Reserve Board’s estimates.
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, which will be an important factor
in determining the extent we may pay common stock dividends and
repurchase common stock. 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.
1. Capital actions that are prescribed by the DFA stress test
rule, which included estimated Q1 2017 capital actions taken by the
Company, and for quarters two through nine of the test horizon, no
issuance of regulatory capital other than assumed issuance of
common stock for employee compensation; payments of common stock
dividends equal to the quarterly average dollar amount paid by the
Company from Q2 2016 through Q1 2017; payments on all other
regulatory capital instruments equal to the stated dividend,
interest, or principal due during the quarter; and no capital
redemptions or purchases.
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version on businesswire.com: http://www.businesswire.com/news/home/20170622006202/en/
MediaPeter Gilchrist,
704-715-3213Peter.Gilchrist@wellsfargo.comorInvestorsJim
Rowe, 415-396-8216Jim.Rowe@wellsfargo.com
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