BREAKING: BofA showering employees with extra bonuses
At least $1,000 for employees; Those with six-figure salaries to receive thousands in stock
|Tony Mecia||Oct 29, 2019|
For third straight year, big Charlotte bank is spreading the wealth around; holiday retail trickle-down?
There’s going to be a bunch more cash floating around Charlotte come holiday time, with Bank of America telling employees on Tuesday that almost every worker will receive at least an additional $1,000.
Citing continued strong financial performance, the big Charlotte-based bank said in an internal memo that workers making less than $100,000 would receive $1,000. Those making between $100,000 and $350,000 annually would receive between 200 and 500 shares of restricted stock in the 1Q, according to Bloomberg News. The stock was trading Tuesday afternoon at about $32 a share, which means that the lowliest six-figure employees would receive stock worth about $6,400 today.
With about 15,000 employees in the Charlotte region, Bank of America is one of the area’s largest employers. The money could trickle down locally and mean a bigger holiday season for retailers — and maybe a big night out tonight for those wanting to celebrate.
According to Bloomberg News, CEO Brian Moynihan wrote in a memo to employees: “While our initial special compensation award originated from the benefits our company experienced from U.S. tax reform, our continued strong performance has allowed us to once again share the company’s success.”
It’s the third straight year that BofA has announced an extra employee bonus. They have cost the company a total of $1.6B.
The bank said this month that it made $7.5B in adjusted earnings in the 3Q. It has posted record earnings in four of the last five quarters.
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The Charlotte Ledger is published by Tony Mecia, an award-winning former Charlotte Observer business reporter and editor. He lives in Charlotte with his wife and three children.