The board of Bank of America approved a $40 billion stock repurchase program on Wednesday, according to a new report.
The bank stated that the current authorization, which has approximately $9.1 billion in repurchases remaining as of June 30, will be replaced by the new buyback program, which is scheduled to begin on August 1.
The Federal Reserve stated last month that the largest U.S. lenders have sufficient capital to survive a fictitious severe economic and market turmoil scenario.
