Bank of America to give bulk of its employees US$750 in cash or stock as bonuses
- Bonuses are on top of regular annual incentive pay, according to internal memo
- Payments come as banks are navigating how to balance compensation with difficult operating environment
Employees who make US$100,000 or less annually will receive a cash bonus of US$750, with overseas employees receiving the cash payments in March, according to an internal memorandum seen by the Post.
Bank of America employees who earn more than US$100,000 to US$500,000 in total compensation will receive 150 to 750 restricted stock units, the memo said. The awards will have a grant date of March 1 and be paid out over a four-year period beginning in 2022.
“Your work has spanned from helping families and small businesses access critical financial relief when they needed it the most, to proactively reaching out and providing financial advice, guidance and services – what we do best – to individual, business and institutional clients during some of the most volatile times in the global markets,” Bank of America CEO Brian Moynihan said in the memo.
The awards are on top of regular annual incentives paid out to eligible employees, with about 97 per cent of the staff receiving cash or restricted share units.