Bank of America CEO Brian Moynihan awards $1 billion in stock to employees

Bank of America (BofA) announced Tuesday that it will award $1 billion worth of stock to non-executive employees through its Share Success Program, equivalent to about 19 million shares of Bank of America stock.

The program makes employees feel like partial “owners” of the company, Brian Moynihan, CEO of Bank of America, said during an interview with “Mornings with Maria” on Tuesday at the World Economic Forum in Davos, Switzerland.

“Our Success Equity Program goes to 96% of the employees. It doesn’t go to the executive management. It’s a grant to all of them,” he said.

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This marks the ninth year that Bank of America has issued Success Sharing Awards, with total payouts approaching $7 billion since the program launched in 2017.

The company said this year’s $1 billion prize pool comes after a year of strong growth and financial results.

Moynihan credited the Trump administration’s “big, beautiful bill” with boosting expectations that corporate tax rates will remain stable, giving companies greater confidence to make long-term investment decisions.

“The big, beautiful bill that’s going into effect preserves the knowledge that the tax rate won’t change. The tax rate has been pretty consistent, and every year we’ve been able to make a lot of money for shareholders,” he said.

“Being certain of the tax bill is crucial for companies to make long-term plans. Very few companies make plans and complete them within a year. It takes time to do all this,” he said.

Stock awards are offered in addition to regular compensation and incentives to employees — approximately 96% of the bank’s 213,000 employees qualify for the program, according to the company.

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Moynihan said the program reflects the bank’s belief that shared success strengthens the company and the communities it serves.

“We are proud to continue investing in our people and fostering a culture of shared growth and achievement,” Moynihan said in a press release.

External appearance of a Bank of America (BofA) branch. (Istock)

BofA said the Sharing Success program is one of many industry-leading benefits it offers employees, adding that it remains committed to being a great place to work.

“It makes [employees] “They feel like owners…and as prices continue to go up, it provides them a huge economic benefit,” Moynihan said Tuesday.

The bank said the stock awards allow employees to participate in Bank of America’s long-term performance and align their interests with shareholders.

Bank of America also said in a statement that it is working to implement Trump accounts for its employees and clients.

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