(Reuters) – Bank of America Corp (NYSE) has raised the salary of senior bankers. According to a source familiar with the matter it is the latest effort to keep top talent at the Bank of America Corp in the most competitive year for Wall Street pay.

The bank announced that 97% of its employees will receive special compensation awards worth nearly $1 billion just a day before. This is in response to a 47% rise in the stock price.

Bloomberg News had reported earlier on Wednesday that Bank of America raised https://www.bloomberg.com/news/articles/2022-01-26/bank-of-america-increases-base-pay-to-reward-top-tier-bankers?sref=V7uxlNge base salaries for its managing directors in investment banking and markets to $500,000 from $400,000.

According to the report, directors could receive an additional $350,000 raise this year, up from $250,000 in 2021. In contrast, vice-presidents can expect a $225,000 increase.

Wall Street banks face increasing pressure to retain top talent because of the high-paying bonuses and increases in salaries.

Goldman Sachs (NYSE 🙂 has increased its 2021 bonus pool to top-performing investment banksers by 40% to 50% while JPMorgan Chase, NYSE :, increased it by 30%-40%, Reuters reported in January.

Bank of America expects increased expenses in 2022 from bonus and other revenue-based payments, just like its peers.