JPMorgan Chase announced Wednesday its biggest share buyback since the 2008 financial crisis.
The financial giant said it has authorized share buybacks of up to $19.4 billion between July 1 and June 30 next year. That's more than the other banks announcing buybacks on Wednesday.
The $19.4 billion buyback plan surpasses a $12.81 billion repurchase program announced in 2012, according to Richard Peterson, principal analyst at S&P Global Market Intelligence. Since the subprime mortgage crisis, big banks like JPMorgan have had to seek formal approval from the Federal Reserve for buybacks and dividend payouts.
Shares climbed more than 2 percent in extended trade. The stock is the eighth-largest in the S&P 500 by market capitalization and a member of the Dow Jones industrial average.