Financial-services giant J.P. Morgan Chase ( JPM) said its board authorized the repurchase of up to $8 billion of the company's common stock. The company said Tuesday that the new authorization will replace the previous buyback program. "Our strong capital position and improving earnings capacity provide us with the ability to expand our stock repurchase program," Jamie Dimon, J.P. Morgan's chief executive, said in a press release. "We believe the new stock repurchase program provides additional flexibility in how to allocate the firm's capital as we seek to maximize shareholder returns." J.P. Morgan said it will buy back stock at management's discretion. The timing of any repurchases and the exact number of shares bought back will depend on market conditions and alternative investment opportunities. The repurchase program doesn't include specific price targets or timetables, and stock can be bought through open market purchases or in privately negotiated transactions. Shares of J.P. Morgan were down 17 cents, or 0.4%, at $41.28.