Bank of America (BofA) is rewarding most of its global workforce with stock awards following a standout 2024 performance. According to an internal memo seen by Reuters, the awards mark the eighth time since 2017 that the bank has granted such incentives. Employees earning up to $500,000 annually will be eligible, encompassing about 97% of BofA’s 213,193-strong workforce and amounting to over $1 billion in stock.
These stock awards are in addition to standard year-end bonuses, underscoring the bank’s robust financial health. BofA’s fourth-quarter profit exceeded expectations, buoyed by a surge in trading activity, while full-year revenue surpassed $100 billion, with profits reaching $27.1 billion.
CEO Brian Moynihan hailed the bank’s strong growth, stating, “Every source of revenue increased, and we saw better than industry growth in deposits and loans. We believe this broad momentum sets up 2025 very well.”
The banking giant’s stock surged 30.5% in 2024, outpacing broader equity markets, and analysts expect global deal volumes to reach $4 trillion in 2025—a four-year high. Wall Street CEOs are optimistic about a business-friendly environment under the incoming U.S. administration, which is expected to favor deregulation and lower taxes.
BofA has also been investing in its talent. Earlier this month, reports indicated that the bonus pool for investment bankers could rise by 10%. Stock awards are a strategic move to reward employees, retain top talent, and align them with the company’s long-term success.
