Wells Fargo raises $7.5 b in share sale

NEW YORK: Wells Fargo raised $7.5 billion by selling shares at $22 each. The bank was told to raise an additional $13.7 billion after the US government���s stress tests.

Wells Fargo it is selling 341 million shares at $22 apiece, a 12% discount to Thursday���s closing price of $24.76. Wells Fargo may face losses for 2009 and 2010 of $86.1 billion, or 8.8% of total loans, should the economy worsen, the government said.