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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.
