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BofA Divided as Bankers Cry Foul Over Special Bonus Treatment

  • Traders, dealmakers got exempted from new policy after balking
  • Corporate, commercial bank executives still face restrictions
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Photographer: Scott Eells/Bloomberg

Anger is building in the senior ranks at Bank of America Corp. after the company waived an unpopular new bonus policy for top traders and dealmakers while keeping the plan in place for other employees.

At issue is a grant of company stock that high earners -- generally those making $1 million or more -- received for the first time as part of their 2020 compensation. Instead of vesting in equal parts over a set period, as such awards typically do, these bonuses have a “cliff vest” provision making the shares eligible for sale only at the end of four years.