Advertisements

Bank of America paying 145,000 Employees $1,000 Tax Cut Bonuses

Stocks Hold Stable After Falling Almost 300 Points During Monday's Session

Bank of America has joined the parade of American companies celebrating tax cuts by giving its employees a special year-end bonus.

Bank of America CEO Brian Moynihan said this week that the company will pay $1,000 bonuses to more than half its workforce, the latest company to announce payments after the passage of the federal tax overhaul.

The bonuses at the Charlotte-based bank will go to roughly 145,000 U.S.-based employees “in the spirit of shared success,” Moynihan said in an internal memo obtained by the Observer. Workers with total compensation up to $150,000 are eligible.

The bank employs more than 15,000 in Charlotte, though a spokesman couldn’t provide a breakdown of how many of those will receive the one-time payment. Bank of America joins AT&T, Comcast and Fifth Third Bancorp in announcing $1,000 bonuses for employees this week. Wells Fargo, another major Charlotte employer, said this week that it is raising its minimum wage 11 percent, to $15 an hour. PNC, which has a Charlotte office, also said Friday that it is giving $1,000 bonuses to 90 percent of its employees and raising minimum pay to $15 an hour, while Cornelius-based Aquesta Financial Holdings announced the same for all employees.

Advertisements

Leave a Reply

%d bloggers like this: