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Bloomberg
Bank of America Corp. plans to reward staff with special bonuses for a second straight year after seeing profits soar on tax cuts and a focus on expenses that’s elimin-ated thousands of jobs in recent months.
The lender will give $1,000 cash bonuses in December to eligible employees making less than $100,000 annually, Chief Executive Officer Brian Moynihan said in an internal memo. Many higher-paid employees will receive a stock award early next year. He cited the company’s record quarterly profit as a reason for the payouts.
Special bonuses are one way banks have been reacting to a Republican tax overhaul that was particularly gener-ous to their industry. Collectively, large US banks have been ramping up payouts to investors and staff.