By Kathryn Hardison

Morgan Stanley's board of directors has approved a share repurchase program of up to $20 billion.

The company said Monday the new buyback program would begin in the third quarter and wouldn't have an expiration date.

Chief Executive James Gorman said in prepared remarks that the new program is driven by the company's business transformation, including earnings from its wealth management and investment management businesses.

Morgan Stanley also said that it would increase its quarterly common stock dividend to $0.775 per share from the current $0.70 per share in the third quarter.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

June 27, 2022 17:01 ET (21:01 GMT)

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