Bank of America employees to receive $1 billion worth of stock
Bank of America employees to receive $1 billion worth of stock
- Jan 27, 2022
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Bank of America responded that each employee would get between 65 and 600 restricted stock units, depending on their compensation. Those units will vest over four years, starting in 2023. This means that at a minimum, frontline workers like bank tellers will receive restricted shares that value up to $2,900 on paper based on Bank of America's current share price which is $45. At the upper end, employees with higher salaries will receive restricted shares valued at around $27,000.
The bank said that the estimated value of the stock awards is "multiple times higher" than the cash bonuses the company had handed out in previous years. Last year, Bank of America distributed $750 cash bonuses to lower-paid employees.
Source: CNN
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