Wells Fargo is making money hand over fist again and expects to bail on the Troubled Asset Relief Program soon.
Bloomberg reports that Wells Fargo plans to leave TARP “shortly,” and that it doesn’t expect to have to raise any new funds before it buys out the government’s shares.
“We will pay it back, but we’re going to pay it back in a shareholder-friendly way,” CEO John Stumpf said. “We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders.”
Stumpf wouldn’t give Bloomberg a date but said he’s confident about reaching a deal with the Federal Reserve. “Of all the issues I’m dealing with, this one doesn’t keep me up at night.”