SAN FRANCISCO–(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.