What a difference a year makes. Why, just last year, Brian Moynihan and his ilk informed their flocks that they’d get what they’d get and they don’t get upset. And what they’d be getting was less money in spite of the bumper profits provided to the big banks by the pandemic—the optics, you know—and if they did get upset, well, they were free to peddle their talents elsewhere in a time of plague.
As it happens, a lot of them did just that, which sent BriMoy and the others scrambling to appease their newly-empowered proletariats. And that means BofA is gonna have to dig deep—deeper than the handful of stock grants handed out to its lower classes—to hold on to the people who make real money for the bank.
The company increased base salaries for its managing directors in investment banking and markets to $500,000 from $400,000, according to people with knowledge of the matter. Directors are getting a bump to as much as $350,000 this year from $250,000.… Bank of America’s vice presidents are getting a boost to $225,000, and associates will see their base salaries climb to around $160,000 from $140,000, the people said.
BofA Increases Base Pay to Keep Top-Tier Bankers [Bloomberg]