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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.
(Reporting by Saeed Azhar, editing by Lananh Nguyen and Nick Zieminski)
