WASHINGTON - Wells Fargo & Co. said it expects to spend $600 million this year for retail locations, moving and remodeling facilities, and routine replacement of furniture, equipment, servers, and other networking equipment related to its Internet services business.
The San Francisco company's 10-K, filed Friday with the Securities and Exchange Commission, said the projects will be funded from various sources, including retained earnings and borrowings of various maturities.
Last year Wells repurchased about 43 million shares of its common stock, the filing said. At yearend the total remaining common stock repurchase authority under the 2001 and 2002 authorizations was about 58 million shares.
