BANK OF AMERICA GIVES PANDEMIC BONUS TO 97% OF ITS 1.7 LAKH STAFF

Mumbai, Jan. 25: Bank of America is rewarding its over 1.7 lakh staff worldwide, including over 24,000 in India, with a cash award of $750 each to those earning under $100,000 in annual compensation for the appreciation of their work through the pandemic.

Called 'delivering together' compensation awards, the bank expects over 97 per cent of its employees to get the special one-time cash bonus.

In an internal memo sent to the employees worldwide, which has been accessed by PTI, Bank of America chief executive Brian Moynihan said in appreciation for the outstanding efforts, the management team and board have decided to recognise employees with 'delivering together' compensation awards.

During the first quarter of 2021, all eligible employees with $100,000 or less in annual total compensation will be paid a cash bonus of $750 each. Those in the US will receive this award in late February and those outside the US will receive the payment in March, Moynihan said.

He pointed out that these awards build on the shared success cash awards of $1,000 and related stock awards announced to employees in the fourth quarter of 2017, 2018 and 2019.

Moynihan also expects almost 97 per cent of employees who he calls as teammates will receive the delivering together award.

In addition, all eligible teammates with greater than $100,000 to $500,000 in annual total compensation will receive a grant of 150-750 restricted stock units.