Jan. 26, 2022, 7:59 a.m. EST

Bank of America awarding $1 billion in stock to employees for 2021: Reuters

Bank of America Corp. (NYS:BAC) is paying special compensation awards, mostly in the form of restricted units, for the fifth year in a row, according to a report by Reuters citing an internal memo from CEO Brian Moynihan. It's the first year the bank will issue stock awards to employees making less than $100,000, the report said. The combined value of the awards is $1 billion and reflects the 47% gain in Bank of America stock in 2021. Aimed at employees with up to $500,000 in annual salary, the bank will provide between 65 and 600 restricted units of Bank of America stock per employee. The units will start vesting in 2023. Some part-time employees and workers in international offices will receive $750 in cash. Shares of Bank of America are up 2% in 2022, compared to a drop of 8.6% by the S&P 500.

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