NEW YORK, Oct 17 (Reuters) - Goldman Sachs Group Inc expects to spend $8.7 billion repurchasing shares from investors, Chief Financial Officer R. Martin Chavez 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. (Reporting by Olivia Oran; Writing by Lauren Tara LaCapra; Editing by Susan Thomas)