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Wells Fargo CFO Hopeful of Dividend Increase

Wells Fargo CFO Hopeful of Dividend Increase

During a recent investor presentation in Boston, Wells Fargo & Co. chief financial officer Tim Sloan noted that the largest U.S. home lender was optimistic that it could increase its dividend, according to Bloomberg.

The news source reports Sloan explained the financial institution will most likely seek regulatory approval for such an increase, while it also continues to buy back shares.

"We look forward to the process, we’ve got a great story to tell," Sloan said. "Our expectation is we’re going to recommend an increase in our dividend and continue to repurchase more shares and continue to return more capital to shareholders."

Still, according to Bloomberg, regulators have rejected similar dividend increases from rival banks including Bank of America.

The disclosure of the bank's plans to recommend a dividend increase comes after Wells Fargo recently decided to cancel plans to charge a $3 monthly fee for debit card purchases following negative reviews from a pilot group, according to the news source. Bank of America recently scrapped a similar plan that would have charged customers a $5 monthly fee for debit card use.