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Compensation

Bank of America Employees to Share Stock Award of $1 Billion

  • Staff earning as much as $500,000 a year are eligible
  • Financial firms are competing to attract and retain employees
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Bank of America Corp. is rewarding almost all of its employees with a pool of $1 billion in restricted stock, further boosting compensation as financial firms compete to attract and retain workers.

The incentive, to come on top of regular compensation, goes to staff who earn as much as $500,000 a year, according to a memo from Chief Executive Officer Brian Moynihan. About 97% of the global workforce is eligible. This is the fifth year the firm has paid the compensation awards, which now total $3.3 billion, spokesman John Yiannacopoulos said.