(BA)Bank of America Corp. plans to pay its workers particular bonuses for his or her work all through the pandemic.
The lender will give $750 to eligible employees who earn $100,000 or much less yearly, whereas higher-paid workers will obtain a stock award, in keeping with a memo to employees from Chief Government Officer Brian Moynihan. The contents of the memo had been confirmed by a bank spokeswoman.
“Our company and teammates were called upon to address unprecedented challenges,” Moynihan wrote. “This move is the next step our company is taking to significantly invest in health, safety, benefits and other resources to support you during this global health and humanitarian crisis.”
The Charlotte, North Carolina-based bank introduced $1,000 worker payouts in 2017, 2018 and 2019 as earnings surged in a buoyant financial system. That atmosphere was upended by the Covid-19 outbreak final 12 months, which shuttered companies and put hundreds of thousands out of labor. Nonetheless, U.S. banking behemoths have weathered the storm comparatively nicely, even profitable approval from the Federal Reserve to restart share buybacks.
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Whereas Bank of America’s web revenue slumped 35% in 2020, it nonetheless earned virtually $18 billion. Through the pandemic, the corporate rolled out a raft of additional advantages for its employees, 85% of whom had been despatched to work at home. That features spending $300 million to supply three million days of kid and grownup care in 2020, and about $600 million on measures reminiscent of elevated cleansing, private protecting gear, and supplemental and additional time pay, in addition to meals and transportation.