Bank of America gives bonuses to lower-paid staff, stock to othersBusiness | 22 Jan 2021 11:12 pm
Bank of America Chief Executive Brian Moynihan is awarding nearly all of his 212,505 employees a bonus for their work during the coronavirus pandemic, CNBC reports.
Staffers in the U.S. who earn US$100,000 or less annually will get a cash award of US$750 late next month, Moynihan said Thursday in a company memo.
Employees who make between US$100,000 to US$500,000 annually will receive 150 to 750 restricted stock units, the bank said. These stock awards will be paid out over four years starting in 2022, and their value will be dependent on the firm’s stock price at the time of vesting, according to a bank spokeswoman.
“Our company and teammates were called upon to address unprecedented challenges and headwinds in the broader environment, working in support of each other, our clients and the communities where we work and live,” Moynihan said in the memo.
“In appreciation for your outstanding efforts, the management team and I, with the support of our board of directors, have decided to recognize employees” with the awards, he said.
Moynihan, who has led Bank of America since 2010, has in recent years taken steps to invest in his employee base after a turbulent beginning to his tenure.
He took over in the immediate aftermath of the financial crisis, when the bank toiled under the weight of its disastrous acquisition of mortgage lender Countrywide Financial.