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Bank of America Gives Staff Bonuses for Working During Pandemic

Bank of America will provide its worldwide employees bonus payments in recognition for their work during the COVID-19 pandemic year. So reports CNBC.

Bank of AmericaU.S. employees who earn an annual salary of $100,000 or less will be paid $750 later this month, CEO Brian Moynihan recently noted in a company memo. Those who take home between $100,000 and $500,000 yearly will be rewarded 150 to 750 restricted stock units. In all, most of the bank’s 212,505 global staffers will get a bonus.

“Our company and teammates were called upon to address unprecedented challenges and headwinds in the broader environment, working in support of each other, our clients and the communities where we work and live,” Moynihan said in the memo. “In appreciation for your outstanding efforts, the management team and I, with the support of our board of directors, have decided to recognize employees.”

Bank of America had started giving its employees $1,000 yearly cash bonuses in 2017, but that was halted during 2020. The lender also made good on its promise to institute a $20 minimum wage in April 2020, one year ahead of the original start date, and so far has spent $300 million in reimbursements for employees’ child-care expenses during the pandemic.

Read the full article from CNBC.

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