Star Tribune Article

This article from the Star Tribune has been sent to you by J. BYLINE: CREDITLINE: HEADLINE: Wells Fargo will buy back up to $1.4 billion of its shares Wells Fargo & Co., the fifth-biggest U.S. bank, said it will buy back as many as 25 million shares of its common stock. The San Francisco-based bank will buy the shares, valued at about $1.4 billion, "from time to time," Wells Fargo said in a prepared statement. The bank last bought back stock in 1991, when its board authorized the purchase of up to 30 million shares. Companies typically buy back shares to drive up the stock price by reducing the supply of shares in the market. Wells Fargo profits rose 18 percent to $1.78 billion in the first quarter as the company opened more accounts and loaned money more to customers. The banks shares rose 70 cents to $57.09. The stock is down 3 percent so far this year. Bloomberg News