• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Bank of America awards stock to employees after strong 2024 performance, memo shows

by January 18, 2025
written by January 18, 2025

(Reuters) – Bank of America is set to award stock to most of its global employees for the eighth time since 2017, following a robust performance by the second-largest U.S. lender in 2024, according to an internal memo seen by Reuters on Friday.

The stock awards, which will be issued in addition to year-end incentive awards, would be granted to employees earning an annual total compensation of up to $500,000, covering about 97% of the lender’s global workforce.

BofA had 213,193 staff at the end of 2024, which means the stock awards will amount to slightly over $1 billion.

Earlier this week, BofA’s fourth-quarter profit beat expectations, boosted by trading activity. The lender also predicted it would earn higher interest income for 2025.

For the full year of 2024, the banking giant’s revenue surpassed $100 billion, driven by strong growth in fee income, and its profit came in at $27.1 billion.

“Every source of revenue increased, and we saw better than industry growth in deposits and loans,” BofA CEO Brian Moynihan said in an earnings release. “We believe this broad momentum sets up 2025 very well.”

Wall Street CEOs also voiced confidence that the incoming U.S. administration would maintain a business-friendly environment beneficial to banks. This comes as the country’s top lenders report a surge in profits, driven by an uptick in dealmaking and trading activities.

Bankers expect global deal volumes to surpass $4 trillion in 2025, the highest level in four years.

The broader operating environment has been favorable for the banking industry, propelled by strong equity markets and analysts’ expectations that President-elect Donald Trump will implement a deregulatory and lower-tax agenda.

Earlier this month, Reuters reported, citing a source, that BofA’s bonus pool for investment bankers will probably rise 10% for the previous year.

The bank’s stock surged 30.5% in 2024, outperforming the broader equity markets.

Stock awards are typically issued to reward employees, retain top talent, and align their interests with the company’s long-term success.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
United Airlines donates $1 million to Trump inaugural fund
next post
US FAA probes reports of SpaceX rocket debris landing in Turks and Caicos

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • RBC initiates Tesco at ‘sector perform’, Sainsbury’s at ‘outperform’
    • Singapore’s competition watchdog clears AMD’s $4.9 bln acquisition of ZT Systems

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy