UPDATE: Wells Fargo (WFC) statement on stress test results, to increase third quarter common stock dividend to $0.30 per share

June 27, 2022 5:00 PM EDT

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(Updated - June 27, 2022 5:02 PM EDT)

Wells Fargo & Company (NYSE: WFC) today announced that it has completed the 2022 Comprehensive Capital Analysis and Review (CCAR) stress test process. The Company expects its stress capital buffer (SCB) to be 3.2%, which represents a percentage amount of incremental capital the Company must hold above its minimum regulatory capital requirements. The Federal Reserve Board (FRB) has indicated that it will publish the Company’s final SCB by August 31, 2022.

The Company expects to increase its third quarter 2022 common stock dividend to $0.30 per share from $0.25 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July. Additionally, over the four-quarter period beginning third quarter 2022 through second quarter 2023, the Company has significant capacity to execute on common stock repurchases, which will be routinely assessed as part of the Company’s internal capital adequacy framework that considers current market conditions and other risk factors.

“Wells Fargo remains in a strong capital position, as confirmed by this year’s CCAR stress test,” said CEO Charlie Scharf. “We are well-positioned to support our customers and communities, while also continuing to return excess capital to shareholders through dividends and share repurchases.”

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