A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, U.S., October 11, 2017. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab
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July 23 (Reuters) – Bank of America (BAC.N), opens new tab said on Wednesday its board has authorized a $40 billion stock repurchase program.
The new buyback program, which will take effect on August 1, will replace the current authorization, which had about $9.1 billion in repurchases remaining as of June 30, the bank said.
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The biggest U.S. lenders have enough capital to withstand a hypothetical severe economic and market turmoil scenario, the Federal Reserve said last month.
Reporting by Prakhar Srivastava in Bengaluru; Editing by Devika Syamnath
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