According to the Bloomberg, Bank of America has plans to pay its employees special bonuses for their work throughout the pandemic.
The lender will give $750 to eligible staff who earn $100,000 or less annually, while higher-paid employees will receive a stock award, according to a memo to staff from Chief Executive Officer Brian Moynihan. The contents of the memo were 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 announced $1,000 employee payouts in 2017, 2018 and 2019 as earnings surged in a buoyant economy. That environment was upended by the Covid-19 outbreak last year, which shuttered businesses and put millions out of work. Still, U.S. banking behemoths have weathered the storm relatively well, even winning approval from the Federal Reserve to restart share buybacks.