Wells Fargo Releases Stress Test Results Under Dodd-Frank Act
June 21 2019 - 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/about/investor-relations/stress-test-reports/
The Federal Reserve Board 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 Board’s estimates.
About Wells Fargo
Wells Fargo & Company
(NYSE: WFC) is a diversified, community-based financial services
company with $1.9 trillion in assets. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed
financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,700
locations, more than 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 33 countries and territories to
support customers who conduct business in the global economy. With
approximately 262,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was
ranked No. 29 on Fortune’s 2019 rankings of America’s largest
corporations.
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 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 expectations 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 DFA stress test rule, which included estimated Q1
2019 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 2018
through Q1 2019; payments on all other regulatory capital
instruments equal to the stated dividend, interest, or principal
due during the quarter; and no capital redemptions or
purchases.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190621005480/en/
Media Peter Gilchrist, 704-715-3213
peter.gilchrist@wellsfargo.com or Investor Relations John
Campbell, 415-396-0523 john.m.campbell@wellsfargo.com
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