Bank of America employees are in for an extra payday.
The company announced Tuesday that it plans to pay eligible workers special bonuses as part of its Shared Success program. This is the third year the program is in effect.
The bank will hand out $1,000 payouts in December to employees who earn $100,000 or less per year. Those who earn between $100,000 and $350,000 will be offered 200 to 500 restricted stock units in the first quarter of 2020, according to an internal announcement.
The bonuses will apply to 95 percent of the company’s staff, Chief Executive Officer Brian Moynihan, wrote in the memo, suggesting the bank’s success is partly why the payouts are possible: “A critical part of our commitment to making Bank of America a great place to work is our ongoing focus on recognizing achievements and sharing success.
“While our initial special compensation award originated from the benefits our company experienced from U.S. tax reform," he explained, "our continued strong performance has allowed us to once again share the company’s success.”
Bank of America reported record earnings in four of the past five quarters, according to Bloomberg. Its stock is up 19 percent on the year and 30 percent year-to-date.
In the three years it’s been running the program, the bank has given away $1.6 million.