Wells Fargo (WFC) CEO Says Bank to Repay TARP Without Raising Equity
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In an interview with Bloomberg TV today, Wells Fargo's (NYSE: WFC) CEO, John Stumpf, has said that the bank will not need to raise equity in order to repay the $25 billion in TARP funds it owes.
"We will pay it back, but we're going to pay it back in a shareholder-friendly way. We are now earning capital so quickly, organically, we don't want to dilute our existing shareholders."
We heard rumors earlier of a possible secondary offering.
After jumping about 2% just after the comments hit the wires, shares of Wells Fargo moved modestly lower, closing today's trading session down 4.8% to $26.21.
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