Bank of America Expands Employee Stock Awards Despite Profit Dip
Bank of America's profits dipped by 14% in 2022, while BNY Mellon announced layoffs and rank-and-file rewards. Meanwhile, Bank of America expanded its restricted-stock awards to 96% of its employees.
Bank of America's profits took a dive in 2022, with a 14% decrease compared to the previous year. Despite this, the bank has shown commitment to its employees, expanding its restricted-stock awards programme to cover 96% of its nearly 217,000 workers. This is the sixth consecutive year the bank has offered these awards, which are now available to employees earning less than $100,000 per year, a change from the previous cash bonuses given from 2017 to 2020. However, employees earning $500,000 or more annually are not eligible for these awards.
In contrast, BNY Mellon has announced layoffs of about 1,500 workers in 2023, following its announcement of rank-and-file rewards. The bank plans to give 10 shares to each eligible rank-and-file employee. Bank of America, on the other hand, has not announced widespread job cuts but has paused hiring for most positions.
While Bank of America's profits decreased, the bank has shown dedication to its employees by expanding its restricted-stock awards programme. Meanwhile, BNY Mellon has announced layoffs after announcing rank-and-file rewards. Bank of America has not announced widespread job cuts but has paused hiring for most positions.
