Wells Fargo's (WFC) 2016 Capital Plans Includes Quarterly Dividend of 38c

Wells Fargo & Company (NYSE: WFC) today announced that the Federal Reserve Board has not objected to the Company’s 2016 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation’s largest banks.

“We are pleased to receive the Federal Reserve Board’s non-objection to our capital plan and look forward to continuing to provide strong capital returns to our shareholders,” said Chairman and CEO John Stumpf. “Our ability to consistently provide industry-leading capital returns and maintain strong capital levels, while also being mindful of evolving regulatory capital expectations, reflects the benefit of our diversified business model and sound risk management discipline.”

On April 26, 2016, under the prior year’s CCAR submission, the Company increased its quarterly common stock dividend to $0.38 per share. As previously stated at its recent Investor Day, Wells Fargo expects to continue to provide returns within its target net payout ratio1 range of 55-75%. Any future dividend actions are subject to consideration and approval by the Company’s Board of Directors.

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