Jefferies Group board OKs share buyback plan

AP News
Posted: Dec 14, 2009 1:10 PM

Jefferies Group Inc. said Monday its board has approved a new program granting managers permission to buy back as many as 15 million of the investment bank's shares of common stock.

Jefferies has repurchased about 4 million shares during the current quarter, leaving about 3 million shares remaining available for possible buyback under a previous repurchase program.

Jefferies had about 168.2 million shares of outstanding stock as of Nov. 3.

In afternoon trading, shares of Jefferies rose 67 cents, or 3 percent, to $23.35.