Those of you doing research for a collection of forthcoming memoirs on the topic of being violently gang-raped know all too well that Bank of Amerillwide will be paying out bonuses for last year's work until 2012. Today we've received word that this adorable exercise has an official name. Disappointingly, it's not very fitting or descriptive, though we're sure you people can come up with something better.
Bonus pay, which was down on average about 80%, will be paid through a series of deferred vesting periods with staff set to receive the first 6% of the cash payout next month, followed by a set of subsequent cash payments over the next three years, Financial News has learned.
Seventy percent of the Bank of America bonus pool is being placed into a new plan called Additional Principal Programme, the first third of which will be paid out through a series of quarterly payments this year, followed by a second and third payout in February 2011 and February 2012.
The remaining 30% will be paid through an Equity Deferral Plan, which will be decided on sliding scale depending on an individuals total pay. The first vest from this pool will be next February, with staff receiving a third of their stock, this will be followed by two further vests in 2011 and 2012.