: Wells Fargo shares rise after $30 billion buyback, dividend raise
Wells Fargo & Co. WFC on Tuesday said its board OK’d a new share buyback program of up to $30 billion. The bank also said its board approved a quarterly dividend of 35 cents per share, adding that the third-quarter dividend marked an increase of 5 cents a share from the prior quarter. The moves came as the fallout from the bank’s fake-account scandal lingers. “Our first priority remains investing in our risk and control infrastructure, but we are also investing in providing updated capabilities to our customers and supporting our employees and communities,” Chief Executive Charlie Scharf said in a statement. “Even with these significant investments, our capital levels are strong and we expect them to remain so, allowing us to return excess capital to our shareholders.” Shares rose 3.4% after hours.
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