Bloomberg: Bank of America to pay bonuses of more than $4.4 billion

Bloomberg: Bank of America to pay bonuses of more than $4.4 billion

February 4 2010

Bank of America Corp, the nation’s largest lender, will pay investment-banking employees bonuses of about $4.4 billion for last year, or an average of $400,000 each, a person close to the bank said.  Around 95 percent will be paid in stock vesting over three years.

“Those sound like the numbers we’d expect from Wall Street firms,” said Steven Hall, managing director of New York-based Steven Hall & Partners, an executive compensation consulting firm.