Bank of America Awards Stock to Employees After Strong 2024 Performance
Bank of America (BAC) will reportedly grant stock awards to most of its global workforce for the eighth year since 2017. The awards will be distributed in addition to year-end incentives and will be available to employees with annual compensation up to $500,000, covering 97% of the bank's staff.
The move comes after BofA reported strong financial results for 2024, with fourth-quarter profits exceeding expectations, driven by trading activity. The bank also projects higher interest income in 2025.
"Every source of revenue increased, and we saw better than industry growth in deposits and loans," said BofA CEO Brian Moynihan. "We believe this broad momentum sets up 2025 very well."
Bankers anticipate a surge in global deal volumes in 2025, reaching $4 trillion, the highest level in four years. The favorable operating environment, including strong equity markets and expectations of a deregulatory agenda under President-elect Donald Trump, has benefited the banking industry.
Stock awards serve as a reward for employees, retain top talent, and align their interests with the company's long-term success. BofA's stock has performed well in recent years, rising 30.5% in 2024.