Bank of America has announced it will distribute $1 billion in stock to employees through its Sharing Success Program. This initiative, which excludes senior management, will result in nearly 19 million shares of Bank of America common stock being awarded this year.
The Sharing Success Program is now in its ninth consecutive year. Since it began in 2017, the total value of awards distributed has reached nearly $6.8 billion. The company stated that the decision comes after another year marked by growth and strong financial performance.
According to Bank of America, 96 percent of its employees are eligible for these awards. The stock grants are given on top of regular pay and incentives, allowing employees to benefit from the company’s long-term performance alongside shareholders.
“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 Bank of America. “We are proud to continue investing in our people and reinforcing a culture of shared growth and achievement.”
The program is part of a broader effort by Bank of America to invest in its workforce and maintain a positive workplace environment. The company offers various benefits aimed at supporting employee well-being, including paid sabbaticals, support services for life events, confidential counseling through an Employee Assistance Program, and other initiatives focused on employee care.
In addition to the Sharing Success Program, Bank of America has raised its U.S. minimum hourly wage to $25 per hour as of early October. This change brings the minimum annual salary for full-time employees above $50,000. The bank also continues efforts such as expanding skills-based hiring practices, increasing military recruitment by 10,000 positions, growing community college outreach programs, and creating jobs at new financial centers across high-growth markets nationwide.
These steps align with Bank of America’s aim to foster professional development opportunities for staff members while contributing positively to local communities and overall economic growth.
Bank of America serves approximately 70 million clients through about 3,600 retail financial centers and roughly 15,000 ATMs across the United States. Its digital banking platform has around 59 million verified users globally. The company operates in more than 35 countries and provides a range of services including wealth management and corporate banking.
For further information or media inquiries regarding this announcement, John Yiannacopoulos at Bank of America can be contacted by phone at 1-646-855-2314 or via email at john.yiannacopoulos@bofa.com.
