Wells Fargo & Co. plans soon to repay funds obtained from the government's bank bailout program, and without raising equity.
John Stumpf, the president and chief executive officer of the San Francisco banking company, discussed its plans for paying back the $25 billion obtained from the Troubled Asset Relief Program during an interview Tuesday 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."
Ten of Wells Fargo's biggest rivals repaid the U.S. in June after passing "stress tests" to measure how they would fare in a deeper recession.
