Wells Fargo to buy back some shares

Wells Fargo & Co. plans to buy back up to 82 million shares, or 5 percent, of the company's 1.7 billion shares of issued and outstanding stock.

Spokeswoman Christy Drumm said the move is a "regular part of our common stock repurchases" needed to meet the common stock issuance requirements for benefit plans, conversion of convertible securities and other company purposes.

The current Wells Fargo & Co. was formed by last year's merger with Norwest Corp.

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