Schwab Rises After Announcing $20 Billion Share Buyback Program

Charles Schwab Corp. announced a $20 billion share buyback program on Thursday, sending the company’s shares rising.

The Westlake, Texas-based firm said the program replaces a prior authorization which had about $6.9 billion of repurchases remaining, according to a statement Thursday. The new program authorizes the repurchase of $20 billion in common stock though the firm didn’t give a timeline for the buybacks.