Shares of Bank of America Corp. climbed 0.9% in premarket trade Friday, after the bank said it’s board of directors authorized the repurchase of up to $800 million worth of common stock. The new repurchase program was implemented to offset the dilution resulting from equity incentive compensation recently awarded to employees eligible for retirement, the bank disclosed in a regulatory filing. The new program is in addition to the $4 billion buyback program announced in March 2015. The stock has tumbled 20% year to date through Thursday, while the S&P 500 has slipped 0.2% and the SPDR Financial ETF has lost 5.6%.
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