Wells Fargo to buy back $40 billion of shares under new program
ATTN: Financial editors
29 April 2025
(Bloomberg) — 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.
“We have been investing to drive more organic growth and improve the earnings capacity in each of our businesses which allows us to maintain a competitive, sustainable dividend and return excess capital to our shareholders through repurchases,” Chief Executive Officer Charlie Scharf said in the statement.
Shares of Wells Fargo, up 17% over the past year, rose as much as 2.2% after the announcement.
The announcement follows increased buybacks among the biggest US banks in the first quarter. The six largest lenders bought back roughly $22 billion of stock in the first quarter, a jump of more than 60% from a year earlier.
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