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.