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The Westlake, Texas-based firm said the program replaces a prior authorization which had about $6.9 billion of repurchases remaining, according to a statement Thursday. The new program authorizes the repurchase of $20 billion in common stock though the firm didn't give a timeline for the buybacks.
Schwab's co-chairman Walt Bettinger said the decision represents the firm's 'sustained business and financial momentum as well as our continued confidence in the long-term prospects for the firm,' in the statement.
Shares of the firm extended their gains in late trading in New York and were up 2.7% at 5:02 p.m.
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