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Bank of America to give stock award to most employees -memo

Published 01/25/2024, 02:10 PM
Updated 01/25/2024, 02:16 PM
© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo

By Saeed Azhar

NEW YORK (Reuters) - Bank of America will give stock awards to employees who earn $500,000 or less, or about 97% of its workforce, according to a memo seen by Reuters.

The second-largest U.S. lender is giving out shares for the seventh year, according to a memo from CEO Brian Moynihan.

Some staff will also receive cash awards based on compensation and local requirements.

Bank of America's profit shrank in the fourth quarter, hurt by $3.7 billion in one-off charges and a slide in interest income as it paid more to hold on to customer deposits.

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