Goldman Sachs to buy back USD8.7 billion worth of shares

Goldman Sachs to buy back USD8.7 billion worth of shares

One of the world’s largest investment bank, Goldman Sachs is looking at giving back about USD8.7 billion to its shareholders through a share buyback programme.

Chief Financial Officer R. Martin Chavez was quoted by Reuters News when he said on Tuesday in the bank’s first-ever disclosure of a buyback target.

The figure is related to an annual regulatory stress test that Goldman and other major U.S. banks must undergo every year. Rivals typically detail their plans for dividends, stock buybacks and other capital uses when the U.S. Federal Reserve approves them, but Goldman historically has not.

Chavez disclosed the figure on a conference call to discuss third-quarter results with analysts. He did not provide a timeframe for the repurchases.