SAN FRANCISCO - Wells Fargo says it is raising $7.5 billion through an offering of 341 million shares at $22 apiece, boosting the amount it previously said it would raise by $1.5 billion.
The announcement comes a day after the U.S. government said the San Francisco bank needs to raise $13.7 billion to cushion it from another potential fall in the economy.
The offering is larger than expected. Wells Fargo & Co. said Thursday it would raise only $6 billion with the public offering.
The price represents an 11 percent discount from the bank's closing share price of $24.76 on Thursday.