Why Won't Wells Fargo Buy Back Stock? It Has Plenty of Capital
Like several other large banks, Wells Fargo (NYSE: WFC) has made no share repurchases lately. The bank didn't repurchase any stock in the second or third quarters of the year, and it doesn't look like it's planning to repurchase any stock for the remainder of the year, either.
"We will continue to be prudent regarding the amount and timing of any share repurchases," Wells Fargo's CFO Mike Santomassimo explained on the bank's earnings call last Friday.
However, unlike a lot of its peers, Wells Fargo actually has the firepower to conduct share repurchases if it wants to because it has plenty of capital. Let's take a look at why the bank continues to remain cautious.
Source Fool.com
