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Wells Fargo To Cut Dividend

Wells Fargo & Co (WFC) plans to cut its dividend in third quarter 2020 from the current level of $0.51 per share, after the Federal Reserve last week set new restrictions on the payouts.

The company expects that the level of the third quarter dividend will be announced when it releases second quarter financial results on July 14, 2020.

In addition, following the the Federal Reserve Board's final publication of the Comprehensive Capital Analysis and Review or CCAR results, the company expects its stress capital buffer to be 2.5%. The stress capital buffer represents a percentage amount of excess capital the company must hold above its minimum capital requirements beginning in October 2020.

While other Major banks JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley plan to maintain their quarterly common stock dividend.

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