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Marks 9th Consecutive Year of Awards for Teammates, Totaling Nearly $6.8 Billion
Bank of America today announced it will award $1 billion to employees through its Sharing Success Program, a broad-based equity program for all employees excluding senior management. Awards this year will equate to nearly 19 million shares of BAC common stock.
This marks the ninth consecutive year that the company will deliver Sharing Success awards for employees, bringing the total value of awards since the program's inception in 2017 to nearly $6.8 billion. The move follows another strong year of growth and financial performance at the company.
Ninety-six percent of employees are eligible for Sharing Success awards, which are provided in addition to regular compensation and incentives that employees may receive. Most Sharing Success awards will be delivered as stock, enabling employees to share in Bank of America's long‑term performance and align with shareholders' interests.
"These awards demonstrate our belief that when our teammates share in our company's success, it strengthens our business and the communities we serve," said Brian Moynihan, Chair and CEO of Bank of America. "We are proud to continue investing in our people and reinforcing a culture of shared growth and achievement."
Commitment to Employees and Driving Economic Growth
The Sharing Success program is one of many ways Bank of America invests in its teammates and reflects the company's commitment to being a Great Place to Work. The company continues to provide industry-leading benefits and resources to support physical, emotional, and financial wellness, including among other things its paid sabbatical program, Life Event Services support, confidential counseling through the Employee Assistance Program, and initiatives to strengthen its culture of caring.
In addition to Sharing Success awards, Bank of America has taken further steps to invest in employees and strengthen the health of the U.S. economy:
- Raised its U.S. minimum hourly wage to $25 per hour, effective early October, increasing the minimum annualized salary for full-time employees to more than $50,000.
- Engaged with the Administration and looking at the best way to implement Trump Accounts for its employees and clients.
- Expanded skills-based hiring and career opportunities, including commitments to increase military hiring by 10,000, grow community college recruitment, and add jobs in new financial centers in high growth markets across the country.
Along with the company's internal mobility programs, professional development resources, and wide-ranging opportunities for employees to take on new challenges, these initiatives reflect Bank of America's goal to empower individuals to grow and thrive, support their families, and strengthen the communities in which they live and work. Bank of America continues to build a strong, sustainable business that contributes to economic growth.
Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions, and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
John Yiannacopoulos, Bank of America
Phone: 1.646-855-2314
john.yiannacopoulos@bofa.com
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SOURCE Bank of America Corporation
