Wells Fargo to Cut Dividend as Top Rivals Maintain Payouts
- JPMorgan, BofA, Citi, Goldman, Morgan Stanley hold steady
- Wells to reveal extent of dividend cut with earnings report
Charles Scharf, chief executive officer of Wells Fargo & Co.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Wells Fargo & Co. plans to cut its dividend, breaking with all of the biggest Wall Street banks, after the Federal Reserve last week set new restrictions on the payouts.
“There remains great uncertainty in the path of the economic recovery and though it’s difficult to accurately predict the ultimate impact on our credit portfolio, our economic assumptions have changed significantly since last quarter,” Chief Executive Officer Charlie Scharf said Monday in a statement.