(Bloomberg) -- Bank of America Corp. 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.
While Bank of America’s net income slumped 35% in 2020, it still earned almost $18 billion. During the pandemic, the company rolled out a raft of extra benefits for its staff, 85% of whom were sent to work from home. That includes spending $300 million to provide 3 million days of child and adult care in 2020, and about $600 million on measures such as increased cleaning, personal protective equipment, and supplemental and overtime pay, as well as meals and transportation.
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
