Wells Fargo to raise quarterly dividend to 35c per share form 30c

Wells Fargo announced that it has completed the 2023 Comprehensive Capital Analysis and Review stress test process. The Company expects its stress capital buffer (SCB) to decrease to 2.9%, 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, 2023. The Company expects to increase its third quarter 2023 common stock dividend to $0.35 per share from $0.30 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 2023 through second quarter 2024, the Company has capacity to repurchase common stock, which will be routinely assessed as part of the Company’s internal capital adequacy framework that considers current market conditions, potential changes to regulatory capital requirements, and other risk factors. “This year’s CCAR stress test affirmed that Wells Fargo remains in a strong capital position, reflecting the value of our franchise and benefits of our operating model,” said CEO Charlie Scharf. “This capital strength allows us to serve our customers’ financial needs, while continuing to prudently return excess capital to our shareholders.”