Bank of America Staff to Share About $1 Billion of Stock Awards

Bank of America Corp. is divvying up a roughly $1 billion pool of restricted stock among the majority of its staff, lifting compensation to retain employees as the lender seeks to boost earnings while keeping a lid on expenses.

The incentive, which comes on top of regular compensation, will go to workers who earn as much as $500,000 in total annual pay, according to a memo Friday from Chief Executive Officer Brian Moynihan. About 97% of the bank’s global workforce is eligible.

A Bank of America branch in New York on Jan. 12.

Photographer: Michael Nagle/Bloomberg

This is the eighth time the Charlotte, North Carolina-based company has paid such awards, which total ...