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Bank of America Employees to Share in Restricted Stock Award

  • Employees with total compensation up to $500,000 are eligible
  • Wall Street firms, facing expense pressure, still needs talent
Bank of America CEO Brian Moynihan

Bank of America CEO Brian Moynihan

Photographer: Michael Nagle/Bloomberg
Updated on

Bank of America Corp. is rewarding the majority of its employees with a pool of restricted stock, boosting compensation to retain workers in an otherwise gloomy economic environment. 

The incentive, which comes on top of regular compensation, goes to staff who earn up to $500,000 in total annual pay, according to a memo from Chief Executive Officer Brian Moynihan. About 96% of the global workforce is eligible for the reward. This is the sixth year the firm has paid such awards, which now total more than $4 billion, according to the memo, which a company spokesperson confirmed.