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Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023.
Patrick T. Fallon | Afp | Getty Images
Wells Fargo said Friday that it planned to raise its quarterly dividend to 35 cents per share after it cleared the Federal Reserve’s annual stress test.
The move, which would hike the dividend from 30 cents a share, is subject to board approval next month, San Francisco-based Wells Fargo said in a statement.
“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.”
This story is developing. Please check back for updates.
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