BofA raises share buyback by up to $800 million

Fri Mar 18, 2016 8:39am EDT
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(Reuters) - Bank of America Corp (BAC.N: Quote) said its board has authorized share repurchase of up to $800 million, in addition to the $4 billion share buyback announced earlier.

The No. 2 U.S. bank by assets said the buyback was meant to offset the share count dilution resulting from equity incentive compensation awarded to retirement-eligible employees.

The bank's shares were up 1.34 percent at $13.58 in premarket trading on Friday.

JPMorgan Chase & Co (JPM.N: Quote) said on Thursday it would repurchase up to $1.88 billion in common shares through the second quarter.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Don Sebastian)

The Bank of America logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016.  REUTERS/Reinhard Krause