Wells Fargo & Co , the fourth largest U.S. bank by assets, said its board had increased its stock repurchase authorization by 200 million shares.
Shares of the company were down 1.6 percent at $33.95 in afternoon trading on the New York Stock Exchange.
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The bank has about 5.3 billion shares outstanding.
The lender reported a record third-quarter profit earlier this month.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Saumyadeb Chakrabarty)