Wells Fargo raises dividend to 35c per share, authorizes $30B stock buyback

Wells Fargo 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. 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.”