When will the redemption take place?

The redemption is scheduled to occur on September 17, 2018.

What is the likely reason for this redemption?

While not explicitly stated, this redemption is likely part of Wells Fargo's capital management strategy, possibly to reduce preferred dividend expenses or to take advantage of current market conditions for refinancing.

What does this mean for holders of the Series J Preferred Stock?

Holders of the Series J Preferred Stock and its corresponding depositary shares will receive the redemption price (as defined in the terms of the stock) on September 17, 2018, and will no longer hold these securities or receive future dividend payments.

WELLS FARGO & COMPANY/MN 8-K SEC Disclosure

Q: What is being redeemed by Wells Fargo?

Wells Fargo is redeeming all of its 8.00% Non-Cumulative Perpetual Class A Preferred Stock, Series J, and the associated depositary shares.

Summary

Wells Fargo & Company (WFC) announced on July 24, 2018, the redemption of all of its outstanding 8.00% Non-Cumulative Perpetual Class A Preferred Stock, Series J. This redemption, scheduled for September 17, 2018, also includes the corresponding depositary shares. This action signifies a move by the company to manage its capital structure, potentially indicating a reduction in preferred dividend payments and a shift in its financial obligations.

Key Highlights

1Wells Fargo announced the redemption of its 8.00% Non-Cumulative Perpetual Class A Preferred Stock, Series J.
2The redemption date is set for September 17, 2018.
3Depositary shares representing interests in the Series J Preferred Stock will also be redeemed.
4This action relates to the company's capital management strategy.
5The announcement was made via a press release filed with the SEC on July 24, 2018.

WELLS FARGO & COMPANY/MN 8-K Report, Corporate Update (Jul 24, 2018)

Summary

Key Highlights

Frequently Asked Questions