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

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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.
Bank of America awarded its employees with restricted stock units as part of its annual year-end compensation, following a strong performance in 2024, according to an internal memo seen by Reuters. The bank's shares rose by 27% in 2024, significantly outperforming the S&P 500 Banks index which only saw a 10% increase. This performance was driven by a recovery in investment banking and trading, as well as a more stable economic environment. The stock awards are intended to align employee interests with those of shareholders, promoting long-term value creation. The memo highlighted that the bank's success was due to the collective efforts of its workforce, and the stock grants were a way to recognize and reward their contributions.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/bank-america-awards-stock-employees-after-strong-2024-performance-memo-shows-2025-01-17/ ]