Wells Fargo to Buy Back $40 Billion of Shares Under New Program

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 ...