Wells Fargo & Company Increases Repurchase Authority to Meet Benefit Plan Requirements
Wells Fargo & Company’s (NYSE: WFC) Board of Directors today increased the Company’s common stock repurchase authority by an additional 25 million shares to meet team member benefit plan requirements. The Company maintains a variety of retirement plans for its team members and typically is a net issuer of shares of common stock to these plans. From time to time it also purchases shares of common stock from these plans to accommodate team member preferences. Share repurchases are subtracted from the Company’s repurchase authority without offset for share issuances. The Company has approximately 3.3 billion shares outstanding.
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