BofA to Repurchase Up to $5B of Stock After Stress Test
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Bank of America Corp., the second-largest U.S. lender, won Federal Reserve support to buy back as much as $5 billion in stock, the firm’s first repurchases since the financial crisis.
Bank of America also can redeem $5.5 billion in preferred shares, the Charlotte, North Carolina-based company said today in a statement. The lender’s stock climbed 3.9 percent to $12.58 at 5:29 p.m. in extended trading in New York, after advancing 4.3 percent in 2013 through today’s close.