BankAmerica Corp. announced Monday that it would increase its share buyback program by 60%, to $3 billion.

The bank's stock has surged 15% since late January, partially in anticipation of a broader buyback program, which is a return of capital to shareholders. The new program authorizes the repurchase of up to $2 billion of common shares and $1 billion of preferred stock by the end of 1997.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.