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Merrill Lynch Approves $6 Billion Stock Buyback Plan

Investment bank Merrill Lynch said on Monday that it will buy back as much as $6 billion of its common stock over time.

Merrill said the buyback authorization will help it balance its goals of boosting return on equity and increasing book value per share. It said its top priority will be investing in growth opportunities, but excess capital will be used for repurchases.

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