Wells Fargo to Repay TARP Funds

Wells Fargo is set to join the growing ranks of companies that have repaid TARP funds, and its CEO, John Stumpf, has said the banking giant will go about it in a "shareholder-friendly way." Many of the Wall Street giants that received a lifeline less than a year ago are now profiting quite handsomely, and judging by the comments of Stumpf in an interview with Bloomberg, Wells Fargo is among them. "We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders,” Stumpf said. Wells Fargo is ranked as the No. 1 U.S. home lender this year, and has reportedly "chafed" under the government oversight that came with $25 billion in taxpayer dollars. Other companies that have repaid TARP funds include J.P. Morgan, Goldman Sachs, and Morgan Stanley. Two major banks that have yet to repay the government are Bank of America and Citigroup.