Bank of America's board authorizes repurchase of up to $800 mln common stock

Bank of America on Friday said its board of directors has authorized increasing its common stock repurchase plan by up to $800 million.

The new stock repurchase authorization is in addition to the bank's $4 billion share repurchase plan announced on March 11, 2015.

The financial giant said the buyback authorization is designed to offset share count dilution from equity incentive compensation awarded to its retirement-eligible employees.

Bank of America said the proposed repurchases are not connected to the company's 2016 capital analysis and review submission.

CNBC contributed to this report.