Wells Fargo Releases Stress Test Results Under Dodd-Frank Act
June 23 2016 - 4:52PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today released the results
of its company-run stress test conducted in accordance with the
Dodd-Frank Wall Street Reform and Consumer Protection Act
(DFA).
The results can be found at:
https://www.wellsfargo.com/invest_relations/stress-test-reports.
The Federal Reserve has published the results of its
supervisory-run DFA stress tests for the nation’s largest banks,
including Wells Fargo, using the Dodd-Frank Capital Actions1
distribution requirements. Wells Fargo’s estimates may differ from
the Federal Reserve’s estimates.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.8 trillion
in assets. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through 8,800 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 36 countries to support customers who conduct business
in the global economy. With approximately 269,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 27 on Fortune’s 2016
rankings of America’s largest corporations. Wells Fargo’s vision is
to satisfy our customers’ financial needs and help them succeed
financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future regulatory capital levels, which will be an important factor
in determining the extent we may pay common stock dividends and
repurchase our common stock. Forward-looking statements speak only
as of the date made, and we do not undertake to update them. Actual
capital levels and capital actions may vary materially from the
expectations described in this news release due to a number of
factors, including those described in our reports filed with the
Securities and Exchange Commission and available at www.sec.gov.
The amount and timing of any future common stock dividends or
repurchases will depend on the earnings, cash requirements and
financial condition of the Company, market conditions, capital
requirements (including under Basel capital standards), common
stock issuance requirements, applicable law and regulations
(including federal securities laws and federal banking
regulations), and other factors deemed relevant by the Company’s
Board of Directors, and may be subject to regulatory approval or
conditions.
1 Capital actions that are prescribed by the Dodd-Frank Act
stress test rule, which include estimated Q1 2016 capital actions
taken by the Company, and for quarters two through nine of the test
horizon, no issuance of regulatory capital other than assumed
issuance of common stock for employee compensation; payments of
common stock dividends equal to the quarterly average dollar amount
paid by the Company from Q2 2015 through Q1 2016; payments on all
other regulatory capital instruments equal to the stated dividend,
interest, or principal due during the quarter; and no capital
redemptions or repurchases.
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version on businesswire.com: http://www.businesswire.com/news/home/20160623006323/en/
Wells Fargo & CompanyMediaAncel Martinez,
415-222-3858orInvestorsJim Rowe, 415-396-8216
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