Wells Fargo Receives No Objection to its 2018 Capital Plan

Wells Fargo & Company WFC today announced that the Federal Reserve Board has not objected to the Company's 2018 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation's largest banks.

"We are pleased by today's CCAR result, which demonstrates the strength of our diversified business model, our sound financial risk management practices and our strong capital position, and is aligned with our goal to be the financial services leader in creating long-term shareholder value," said CEO Tim Sloan.

Wells Fargo's 2018 Capital Plan covers the four-quarter period from the third quarter of 2018 through the second quarter of 2019. The plan enables the Company to begin prudently returning excess capital to shareholders, relative to its internal target – an opportunity resulting from capital built in recent years through continued stable earnings and a lower level of risk-weighted assets. The Company's internal capital target is established in connection with a rigorous risk-based capital adequacy assessment process that includes comprehensive current and forward-looking evaluations of the Company's capital position relative to its risk profile and the operating environment.

As part of the plan, the Company expects that it will, subject to approval by the Company's Board of Directors, increase its third quarter 2018 common stock dividend to $0.43 per share from $0.39 per share. The plan also includes higher levels of common stock repurchases¹ – up to $24.5 billion for the four-quarter period (third quarter 2018 through second quarter 2019), compared with Wells Fargo's 2017 Capital Plan, which covers the third quarter of 2017 through the second quarter of 2018 and includes up to $11.5 billion of common stock repurchases¹, of which $8.5 billion of common stock has been repurchased^{1, 2} through the first quarter of 2018. In addition, the Company may consider redemptions or repurchases of other capital securities as part of the plan.

About Wells Fargo

Wells Fargo & Company 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, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2018 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 and possible future capital actions, including common stock dividends and common stock repurchases. 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 Gross basis: Total common stock repurchases before issuance amounts to employee benefit plans.

² From third quarter 2017 through first quarter 2018, common stock issuances for employee benefit plans were $2.2 billion.

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