Bank of America rolls out thank-you awards 1st February 2021 9:51 am
A Bank of America memo has revealed staff at the organisation received enhanced pay and shares perks as a thank-you for their efforts during 2020.
Coming on the back of its full-year financial results, chairman and chief executive Brian Moynihan told staff: “Teammates were called upon to address unprecedented challenges.” He added that as a thank-you, the company would be launching its ‘Delivering Together’ compensation awards.
Under the scheme, teammates earning $100,000 (£72,844), or less will be paid a cash bonus award of US $750 (£546), while those earning between $100,000-$500,000 in annual total compensation, will receive a grant of between 150 to 750 restricted stock units, based on their compensation tier.
To my Teammates:
Earlier this week, we announced our full-year financial results for 2020. Overall, we earned nearly $18 billion â strong results for the year, while 35% lower than 2019 due to the impacts of the health crisis.
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. In appreciation for your outstanding efforts, the Management Team and I, with the support of our Board of Directors, have decided to recognize employees with
Delivering Together compensation awards.
These awards build on the