Stock Update - After Citigroup and BAC, Not It’s Wells Fargo (JPM, MS,GS)

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In the last 2 weeks 3 biggest banks have decided to take freedom by repaying their TARP obligation.

Yesterday, Citigroup Inc. (NYSE:C) said it would repay $20 billion of bailout aid it received from the U.S. government. Bank of America Corporation (NYSE:BAC), earlier this month said it would repay $45 billion of TARP funds.

Now, Wells Fargo & Company (NYSE:WFC)  , late Monday announced that it would repay the government's $25 billion preferred equity investment after completing a $10.4 billion stock offering, becoming the last of the major banks to repay the U.S. bailout from the height of the financial crisis.

Wells Fargo said in addition to the common stock offering, it will raise $1.35 billion by issuing common stock instead of a portion of cash and other compensation to certain employee benefit plans this year. It also intends to raise another $1.5 billion by selling assets agreed to by the Federal Reserve.

Other banks that have repaid their loans include JP Morgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS).

Now WFC is trading at $25.93, up 1.73%.

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