Wells Fargo Will Pay Back $25B, Exit TARP

Bank plans $10.4B stock sale; move will boost EPS
By Marie Morris,  Newser Staff
Posted Dec 14, 2009 6:07 PM CST
Wells Fargo Will Pay Back $25B, Exit TARP
This April 9, 2009, photo shows the headquarters of Wells Fargo & Co., in San Francisco.   (AP Photo/Eric Risberg, file)

Wells Fargo will repay $25 billion in federal bailout funds, becoming the last major national bank to square its TARP account. Part of the money will come from a stock sale that's expected to yield $10.4 billion, the New York Times reports. "We’re ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors," said CEO John Stumpf. The move also frees the bank from government oversight and the accompanying restrictions on compensation. (Read more Wells Fargo stories.)

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