Wells Fargo

(WFC) - Get Report

said late Wednesday that it plans to issue a $10 billion worth of common stock, half the amount it said it would do a month ago.

Wells said in early October, when it agreed to acquire

Wachovia

(WB) - Get Report

, that it would issue up to $20 billion in common stock. But a week later, the Treasury Department took a $25 billion preferred equity stake in the bank as part of a $250 billion program to shore up confidence in the reeling banking system. The capital, invested through the Troubled Asset Relief Program, or TARP, counts towards banks' Tier-1 capital.

JPMorgan Securities, a unit of

JPMorgan Chase

(JPM) - Get Report

is acting as the global coordinator for the offering.

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

,

UBS

(UBS) - Get Report

and Wachovia Securities are joint bookrunners.

Wells Fargo shares fell 9% on Wednesday but regained some ground after the market closed. The stock was most recently down 3.5%.