(Reuters) -Bank of America said on Wednesday its board has authorized a $40 billion stock repurchase program.
The new buyback program, which will take effect on August 1, will replace the current authorization, which had about $9.1 billion in repurchases remaining as of June 30, the bank said.
The biggest U.S. lenders have enough capital to withstand a hypothetical severe economic and market turmoil scenario, the Federal Reserve said last month.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Devika Syamnath)
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