YES —Held to Account; Bank Acting Like an ESOP; Bank Employees Get Stock; Bank of America Does What Amazon & Meteverse Should Do;

ESOPS  IN BANKING  02 2022

SITUATION:
Need to really engage bank employees in the bank’s performance;

SOLUTIONS
97% of BofA Employees received Stock Awards;
May well be that companies will be awarding stock or offering Options in future;
Eligible employees with annual total compensation up to $500,000 will receive restricted stock units
Employees will get between 65 and 600 restricted stock units.
The shares vest in equal payments over four years starting in 2023

SOURCES:
Full page ad in LAT
Payday at BofA: Bank Gives $1B in Stock Awards to Employees

https://www.barrons.com/advisor/articles/bank-of-america-stock-bonus-award-51643227490#:~:text=Bank%20of%20America%20is%20handing,staff%20from%20CEO%20Brian%20Moynihan.&text=Based%20on%20their%20compensation%2C%20employees,and%20600%20restricted%20stock%20units.

2) ESOPs: A Powerful Tool for Closely Held Banks
https://www.lexology.com/library/detail.aspx?g=1d4e0c2e-6653-4187-bba5-9f037d1a1356

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