Bank of America Corp. is repurchasing $5 billion in common stock, on top of the $12 billion previously authorized.
The additional $5 billion is meant to offset the added regulatory capital from Berkshire Hathaway Inc.'s exercise of warrants and the sale of BofA's non-U.S. consumer credit card business, according to the Charlotte, N.C.-based company's press release. BofA is also still buying back approximately $900 million in stock to offset shares awarded under equity-based compensation plans.
The Federal Reserve has approved the repurchase plan, which will be completed by June 30, 2018.
