Bank of America to award $1B in stock to nearly all employees through Sharing Success Program

Bank of America (BofA) announced Tuesday it will award $1 billion in stock to non-executive employees through its Sharing Success Program, equating to nearly 19 million shares of BofA stock.Bank of America CEO Brian Moynihan said the program makes employees feel like partial "owners" of the company during an interview with "Mornings with Maria" on Tuesday at the World Economic Forum in Davos, Switzerland."Our Shares for Success program goes to 96% of employees. It doesn't go to executive management. It's a grant to all of them," he said.BANK OF AMERICA CEO CAUTIONS OVER MIDDLE CLASS FEELING THE ‘PINCH’ AS ECONOMY FACES NEW THREATSThis marks the ninth year BofA has issued Sharing Success awards, with total payouts nearing $7 billion since the program launched in 2017.The billion-dollar price tag for this year’s awards follows a year of strong growth and financial results, the company said.Moynihan credited the Trump administration’s "big, beautiful bill" for reinforcing expectations that corporate tax rates will remain stable, giving businesses greater confidence to make long-term investment decisions."The big, beautiful bill coming effective preserves our knowledge that the tax rate is not going to change. The tax rate has been pretty consistent, and each year we've been able to make plenty of money for the shareholders," he said."Having certainty of the tax bill is very critical for business to make long-term plans. Very few businesses make plans and complete them within a year. It takes time to do all of this," he said.The stock awards are provided on top of employees’ regular compensation and incentives — roughly 96% of the bank’s 213,000 employees are eligible for the program, according to the company.SOME AMERICANS WILL LOSE POPULAR 401(K) TAX BREAK IN MAJOR RETIREMENT RULE CHANGE STARTING 2026Moynihan said the program reflects the bank’s belief that shared success strengthens both the company and the communities it serves."We are proud to continue investing in our people and reinforcing a culture of shared growth and achievement," Moynihan said in a press release.BofA said the Sharing Success Program is one of several industry-leading benefits it offers employees, adding that it remains committed to being a great place to work."It makes [employees] feel like owners… and, as the price keeps rising, provides a great economic benefit to them," Moynihan said Tuesday. Awards given in the form of stock allow employees to share in BofA’s long-term performance and align their interests with shareholders, the bank said.Bank of America also said in a statement that it is working to implement Trump accounts for its employees and clients.GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business