So much for the idea that Well Fargo (WFC) would opt to keep its cheap TARP cash, since it wasn’t under any under pay limitations.
Following Bank of America (BAC) and Citigroup (C), the San Francisco bank is the last of the megabanks to pay up.
SAN FRANCISCO (AP) — Wells Fargo is selling $10.4 billion in new stock to help repay all $25 billion in bailout aid it received from the government at the height of the market meltdown last fall.
The San Francisco-based bank’s announcement comes hours after Citigroup said it will repay $20 billion worth of taxpayer funds.
The move will extricate Wells Fargo from the pay restrictions and close oversight that came with the bailout program.