Wells Fargo to pay $312.5M TARP dividend
May 21, 2009
By MoneyAisle
According to Forbes, Wells Fargo & Co. “will pay $312.5 million in preferred stock dividends on funds it has received from the U.S. Treasury.” Since October, the bank has received $25 billion in funds from the government.
Based on the results of recent stress tests of the nation’s largest banks, the government has determined that Wells Fargo needs to come up with an additional $13.7 billion. Of the 19 U.S. banks studied, this figure places the company “among the most in need of extra cash.”