Bank of America CEO Brian Moynihan is awarding nearly all of his 212,505 employees with a bonus for their work during the coronavirus pandemic.
Staffers in the U.S. who earn $100,000 or less annually will get a cash award of $750 late next month, Moynihan said Thursday in a company memo.
Employees who make between $100,000 and $500,000 annually will receive 150 to 750 restricted stock units, the bank said. These stock awards will be paid out over four years starting in 2022, and their value will be dependent on the firm’s stock price at the time of vesting, according to a bank spokeswoman. Bank of America shares were worth about $31.50 apiece on Friday.
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