Reassured as they may be by the giant pasty face barely stifling a grimace at the top, Bank of America has come to the realization that it’s going to take more than a vague sense of Irish paternalism to keep its people onside. In these days of Great Resignations and irritating competitors dangling flexible work arrangements, it’s also going to take more than that combined with a $750 bonus. So BriMoy is digging deep and offering his lesser charges an incentive to stick around and see what he can do with the place over the next five years.
Bank of America CEO Brian Moynihan said Tuesday the company is for the first time opening up its stock awards program to lower-level employees who make up to $100,000 a year…. At a minimum, that means frontline workers like bank tellers will receive restricted shares that are valued, on paper, at about $2,900 based on Bank of America's current share price of $45.
At the upper end, higher-salary employees would get restricted shares valued at around $27,000…. Bank of America acknowledged the stock awards, along with raising pay for minimum wage workers, are designed to attract and retain talent.
Bank of America is giving workers $1 billion of stock [CNN Business]