(Reuters) - Bank of America Corp BAC.N 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 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