HelpWanted.com

Bank of America employees to receive $1 billion worth of stock

Bank of America employees to receive $1 billion worth of stock

Bank of America employees are to receive $1 billion worth of restricted stock. The bank will be handing out its stock to virtually its entire workforce as it seeks to gain an upper hand in the war for talent. Brian Moynihan, Bank of America CEO said in a memo that for the first time the company is opening up its stock awards program to lower-level employees who make up to $100,000 a year. In the past, these employees were given a one-time cash bonus. 

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 
Tags In
Indian Military Job HIV

Previous days news

Jan 24 Jan 21 Jan 19 Jan 17 Jan 14

You might also like

Best tech jobs in the United States : BLS data

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Others news
Category
Tags
Govt Jobs India Post MGCU Bill Gates Job Scam Armed Forces Computer Instructors Covid-19 Vaccine Employment Gender Gap White Collar Jobs Aviation Online Hiring Salary Cut SC Inclusion Amazon Survey Economic Growth Women Coach Odisha Jobs 2022 Budget Workers Career Development Attrition Rate Kerala Government Wind Project Indian Jobs Cognizant Junior Level Hiring Unemployment Rate India Skilling And Training Softskills Blue-collar Jobs Jobs In Punjab Karnataka Jobs LIC Jobs Employee Retention Steve Jobs Universal Basic Income Capgemini TN Jobs Gig Workers Jobs Legal Jobs Zomato Pandemic Talent Quota CII E-com Jobs Gramin Dak Sevak Jammu
Articles

Let's Talk about the Hustle Economy

With the COVID-19 outbreak, it has increased manifold, owing to the rise in remote working. It’s be ...Read more

The Future of Gig Employment

There’s no denying that the gig economy has seen much growth since the last recession. With the spr ...Read more

Hiring Secrets of The Most Successful Companies

A successful company not only has growing revenues, but it also boasts of a brilliant workforce. Ma ...Read more

You Think You Have Earned It? Here is How to Ask for a Promotion

Nearly 62% of employees in the managerial levels are satisfied with their jobs. Although they have ...Read more