Bank of America to give employees special bonuses for 2019 performance

By Imani Moise

(Reuters) – Bank of America Corp (N:) will reward employees for the bank’s strong performance through special bonuses for the third straight year, according to an internal memo viewed by Reuters.

Roughly 95% of the bank’s employees will receive the special bonus this year. Those making less than $100,000 a year will get$1,000 in December, and those making between $100,000 and $350,000 a year will receive stock awards in first quarter of next year. “A critical part of our commitment to making Bank of America a great place to work is our ongoing focus on recognizing achievements and sharing our success,” Chief Executive Officer Brian Moynihan said in a memo addressed to employees.

The second-largest U.S. bank by assets has posted record profits both years since President Donald Trump’s 2017 tax cuts, and has shared some of those earnings with employees through wage increases and special compensation. The bank has paid out about $1.6 billion in special bonuses since 2017 and has set goal of raising its minimum wage to $20 over the next two years from $13.50 in 2017.

The bonuses were reported earlier by Bloomberg.

Last year, the Charlotte-based bank’s board awarded Moynihan a 15% raise for a total compensation of $27 million reflecting a higher variable compensation tied to company performance. Other C-suite executives got bonuses that were on average 9% higher, according to filings.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.