There were dividend increases, record profits and promising growth initiatives in businesses such as credit cards. But with the pressure on the company's mighty mortgage business intensifying, it wasn't all smooth sailing for American Banker's Banker of the Year.
After its capital distribution plan is approved by the Fed, Wells announces
it will bump up its dividend by 3 cents a share to 25 cents, starting with the first-quarter's dividend payout. The increase reflects "the confidence we have in our company's performance," Stumpf says. In March the Fed approved an additional 5-cent
dividend increase for Wells shareholders.