Bank of America to Buy Back $40 Billion of Shares in New Program

Bank of America Corp. announced a new $40 billion stock-buyback program, sending shares up.

The company’s board authorized the repurchases to begin when the current program is completed on Aug. 1, according to a statement Wednesday. The new program replaces the current $25 billion authorization announced a year ago, of which the firm had $9.1 billion of capacity remaining as of the end of June.