Wells Fargo & Co., the fifth-biggest U.S. bank, said Tuesday its board authorized the repurchase of an additional 25 million, or 1.5 percent, of its shares outstanding.
The shares acquired under the program may be used to issue common stock for benefit plans, fund acquisitions or for other general corporate purposes, San Francisco-based Wells Fargo said. The new program would cost $1.54 billion, based on the company's closing share price of $61.51 Tuesday.
The company's stock price, which has declined 1 percent this year, fell 88 cents in New York Stock Exchange composite trading.