Wells Fargo & Company Increases Common Stock Dividend and Announces New $30 Billion Common Stock Repurchase Program
July 25 2023 - 4:46PM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced its board
of directors approved a quarterly common stock dividend of $0.35
per share, payable Sept. 1, 2023, to stockholders of record on Aug.
4, 2023. The third quarter dividend represents an increase of $0.05
per share from the prior quarter.
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Wells Fargo (Photo: Wells Fargo)
The Wells Fargo board of directors also authorized a new common
stock repurchase program of up to $30 billion. The program will be
executed consistent with the company’s internal capital adequacy
framework that considers current market conditions, potential
changes to regulatory capital requirements, and other risk
factors.
“Our first priority remains investing in our risk and control
infrastructure, but we are also investing in providing updated
capabilities to our customers and supporting our employees and
communities,” said CEO Charlie Scharf. “Even with these significant
investments, our capital levels are strong and we expect them to
remain so, allowing us to return excess capital to our
shareholders.”
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. 47 on Fortune’s 2023
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 financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20230725290500/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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