Bank of America (NYSE:BAC) is rewarding its employees with $1 billion in restricted stock after a strong Q4 2024. The stock awards will go to employees making up to $500,000 a year, covering 97% of the company's workforce, according to a memo from CEO Brian Moynihan.
This marks the eighth straight year of stock-based bonuses, pushing the program's total to $5.8 billion since 2017. Bank of America brought in $27.1 billion in net income for 2024, a 2.3% increase, with Moynihan pointing to growth and strong client relationships. The bank keeps pouring resources into technology and talent, mirroring a broader Wall Street push to keep top employees.
Just last week, Goldman Sachs (NYSE:GS) granted $80 million in stock awards to CEO David Solomon and President John Waldron to lock in their leadership through 2029. Bank of America also raised its minimum wage to $25 an hour this year, reinforcing its focus on employee retention.
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