July 23 (Reuters) - Bank of America ( BAC ) said on

Wednesday its board has authorized a $40 billion stock

repurchase program.

The new buyback program, which will take effect on August 1,

will replace the current authorization, which had about $9.1

billion in repurchases remaining as of June 30, the bank said.

The biggest U.S. lenders have enough capital to withstand a

hypothetical severe economic and market turmoil scenario, the

Federal Reserve said last month.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by

Devika Syamnath)