BofA expands employee equity ownership

Bank of America (BofA) has awarded $1 billion in stock to non-executive employees, underscoring equity-based compensation as a social pillar of ESG and long-term wealth inclusion.

The awards, made through the bank’s Sharing Success Programme, will be delivered largely in equity and equate to nearly 19 million shares of BAC common stock.

This marks the ninth consecutive year that the company will deliver Sharing Success awards for employees, bringing the total value of awards since the programme’s inception in 2017 to nearly $6.8 billion. The move follows another strong year of growth and financial performance at the company.

About 96% of employees are eligible for Sharing Success awards, which are provided in addition to regular compensation and incentives that employees may receive. Most Sharing Success awards will be delivered as stock, enabling employees to share in BofA’s long‑term performance and align with shareholders’ interests.

“These awards demonstrate our belief that when our teammates share in our company’s success, it strengthens our business and the communities we serve,” said Brian Moynihan, chair and CEO of BofA. “We are proud to continue investing in our people and reinforcing a culture of shared growth and achievement.”

Commitment to employees and driving economic growth

The Sharing Success programme is one of many ways BofA invests in its teammates and reflects the company’s commitment to being a great place to work. The company continues to provide industry-leading benefits and resources to support physical, emotional, and financial wellness, including among other things its paid sabbatical programme, life event services support, confidential counseling through the Employee Assistance programme, and initiatives to strengthen its culture of caring.

In addition to Sharing Success awards, BofA has taken further steps to invest in employees and strengthen the health of the US economy:

Raised its US minimum hourly wage to $25 per hour, effective early October, increasing the minimum annualised salary for full-time employees to more than $50,000. Engaged with the administration and looking at the best way to implement Trump Accounts for its employees and clients.

Expanded skills-based hiring and career opportunities, including commitments to increase military hiring by 10,000, grow community college recruitment, and add jobs in new financial centres in high growth markets across the country.

Along with the company’s internal mobility programmes, professional development resources, and wide-ranging opportunities for employees to take on new challenges, these initiatives reflect BofA’s goal to empower individuals to grow and thrive, support their families, and strengthen the communities in which they live and work. BofA continues to build a strong, sustainable business that contributes to economic growth.

Re-disseminated by Wealth and Society