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November 12, 2009

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Bank buying back $2.4 billion of stock

Wednesday, Sept. 25, 2002 | 11:24 a.m.

SAN FRANCISCO -- Wells Fargo & Co., the fifth-largest U.S. bank and the largest in Nevada, this week said it plans to buy back as much as 2.9 percent of its stock for acquisitions, employee-benefit plans and other corporate purposes.

The bank will purchase as many as 50 million shares of the 1.7 billion outstanding, spokeswoman Julia Tunis said. The stock, worth $2.4 billion at Tuesday's closing price of $48, will be bought in the open market.

Companies typically buy back stock to reduce the supply of shares in the market and drive up their value.

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