(Reuters) -Bank of America Corp is planning to increase the bonus pool for its employees, Bloomberg News reported https://www.bloomberg.com/news/articles/2022-01-07/bofa-sweetens-bonuses-to-make-up-for-its-restraint-last-year?sref=vEQJzSks on Friday, citing people briefed on the discussions.
Senior executives are planning to increase the bonus pool for investment bankers by more than 40%, while sales and trading operations could see a rise of more than 30% on average, according to the report.
U.S. banks are back to sweetening bonuses after a disastrous year in 2020 https://www.reuters.com/article/us-health-coronavirus-banks-bonuses-idUSKBN22P2AD, when COVID-19 hit markets and forced many to layoff workers and slash bonuses.
Last month, Goldman Sachs Group Inc (NYSE:GS) and JPMorgan Chase & Co (NYSE:JPM) also laid out plans to raise their bonus pools for investment bankers by 40% and 50%, respectively.
Compensation firm Johnson Associates Inc https://www.reuters.com/business/wall-street-workers-set-highest-bonuses-since-2009-2021-11-16 said in November that bonuses for Wall Street staffers were expected to be at their highest last year since 2009, with investment bankers and equities traders in line for the biggest payouts.
Bank of America (NYSE:BAC) declined to comment on the report.