Bank of America to Award Stock to Employees Amid Robust 2024 Performance

Bank of America (BofA) is rewarding its global workforce for the eighth consecutive year with stock awards, reflecting its strong financial performance in 2024. According to an internal memo:

1. Employee Benefits:

   • The stock awards will be granted in addition to year-end incentives.
   • Eligible employees include those with annual total compensation up to $500,000, covering about 97% of the workforce.
   • BofA, with 213,193 employees at the end of 2024, is committing over $1 billion to this initiative.

2. Record Financial Results:

   • Revenue exceeded $100 billion, driven by strong fee income growth.
   • Net profit reached $27.1 billion, reflecting robust operational performance.
   • CEO Brian Moynihan highlighted gains in all revenue sources and better-than-industry growth in deposits and loans.

3. Fourth-Quarter Highlights:

   • Earnings exceeded expectations, supported by trading activity.
   • The bank expects higher interest income for 2025, positioning it for sustained growth.

Broader Industry Context

• Banking Sector Momentum:
  Wall Street leaders anticipate a supportive economic and regulatory environment under the incoming U.S. administration.

• Surge in Dealmaking:

  • Global deal volumes are projected to exceed $4 trillion in 2025, the highest since 2021.
  • Banks, including BofA, are benefitting from increased trading and deal activity.

Supporting Insights with Relevant APIs

To analyze the banking sector's performance further, the Full Financials API provides:

• Comprehensive financial statements for BofA and peer institutions.
• Trends in revenue sources like trading and fee income, crucial for understanding the sector's growth trajectory.