© Reuters. FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo
(Reuters) – Wells Fargo (NYSE:) said on Tuesday its board had authorized a new share buyback program of up to $30 billion.
The bank’s shares rose 1% in extended trading after earlier jumping almost 4% after the announcement.
Wells Fargo announced the buybacks days after it reported a 57% jump in profit in the second quarter, which was lifted by customer interest payments.
The lender and rival U.S. banking giants raised their third-quarter dividends after sailing through the Federal Reserve’s annual health check, which showed they have enough capital to weather a severe economic downturn.
This story originally appeared on Investing
