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Bank of America to increase bonus pool for employees

by Mike Robinson

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© Reuters. FILE PHOTO – A Bank of America logo can be seen in Manhattan, New York City. This was taken on January 30, 2019, U.S.A. REUTERS/Carlo Allegri/File Photo

(Reuters] – Bank of America Corp. (NYSE:) intends to increase its bonus pool for employees, Bloomberg News reported. Sources were informed by people familiar with the matter.

The report states that senior executives intend to increase investment bankers’ bonus pools by more than 40 percent, and sales and trading operations may see an average rise of over 30%.

U.S. Banks are now back sweetening bonus after 2020’s disastrous year, in which COVID-19 struck markets. Many were forced to cut bonuses and layoff employees.

The last month Goldman Sachs Group Inc (NYSE:) and JPMorgan Chase & Co (NYSE:) also laid out plans to raise their bonus pools for investment bankers by 40% and 50%, respectively.

Johnson Associates Inc., compensation company said that Wall Street staffers would receive bonuses at the top of 2009 and 2009. The biggest payouts were for investment bankers as well as equities traders.

Reuters reached Bank of America for comment but they did not respond immediately

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