Finance
Wells Fargo to Buy Back $40 Billion of Shares Under New Program
A Wells Fargo bank branch in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Wells Fargo & Co. announced a new $40 billion stock-buyback program, sending shares up.
The company’s board authorized the repurchases to begin when the current $30 billion program is completed, according to a statement Tuesday. That program was announced nearly two years ago, and the firm didn’t put a time frame on the new one.