Wells Fargo Receives No Objection to Capital Plan
Wells Fargo announced the Federal Reserve Board has not objected to the company’s 2015 capital plan under the recently concluded Comprehensive Capital Analysis and Review of the nation’s largest banks.
The company said that its 2015 capital plan includes a proposed dividend rate of $0.375 per share for the second quarter of 2015, subject to consideration and approval by its board of directors at its regularly scheduled meeting in April. The proposed dividend rate represents a 7% increase over the current rate of $0.35 per share.
“We are pleased to receive the Federal Reserve Board’s non-objection to our capital plan to increase our common stock dividend and continue our strong share repurchase activity,” said chairman and CEO John Stumpf. “This result again demonstrates the benefit of our diversified business model and conservative risk
discipline, which have positioned us well to return capital to shareholders within our targeted range while maintaining strong capital levels.”