Bank of America Corp. 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. said on Thursday it would repurchase up to $1.88 billion in common shares through the second quarter.