Bank of America employees to share in restricted stock award

Bank of America is rewarding the majority of its employees with a pool of restricted stock, boosting compensation to retain workers in an otherwise gloomy economic environment.

The incentive, which comes on top of regular compensation, goes to staff who earn up to $500,000 in total annual pay, according to a memo from Chief Executive Brian Moynihan. About 96% of the global workforce is eligible for the reward. This is the sixth year the firm has paid the compensation awards, which now totals more than $4 billion, according to the memo, which was confirmed by a company spokesperson.