Apparently news that Bank of America (BAC) was preparing to pay back half of its TARP money put some pressure on rival Wells Fargo (WFC).
Bloomberg: John Stumpf, president and chief executive officer of the San Francisco-based lender, discussed the bank’s plans for paying back $25 billion obtained from the Troubled Asset Relief Program during an interview today on Bloomberg Television.
“We will pay it back, but we’re going to pay it back in a shareholder-friendly way,” Stumpf said in the interview. “We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders.”
Shares of Wells Fargo were particularly work today, down 4.76%, amid a general decline in financials.
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