Goldman Sachs Sets $30 Billion Repurchase Plan As Buyback Pace Climbs
Goldman Sachs Group Inc. approved a new share-repurchase program authorizing as much as $30 billion in stock buybacks without giving a timetable.
(Bloomberg) -- Goldman Sachs Group Inc. approved a new share-repurchase program authorizing as much as $30 billion in stock buybacks without giving a timetable.
The firm, which didn’t set an expiration date for the program, disclosed the authorization in a regulatory filing Friday that also showed the pace of buybacks has accelerated.
Goldman has already repurchased about $2.25 billion of shares this quarter, it said in the filing. That compares with a total of $3.5 billion for all of last year.
Typically firms approve new plans when their existing buyback authorization is running low. Previously, Goldman had provided the number of shares it had the ability to repurchase. This time, the firm is giving investors a dollar figure of the total amount they could repurchase over an undefined timeline.
Goldman shares fell 0.5% to $361.71 at 11:18 a.m. in New York. They have gained roughly 5% so far this year.
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