Bank of America will reward employees after a strong 2024 performance, according to a Reuters memo

(Reuters) – Bank of America The second-biggest U.S. lender is set to give most of its global workers an eighth layoff since 2017 following strong performance in 2024, according to insiders seen by Reuters on Friday. A note explained.

In addition to year-end incentive awards, stock awards are granted to employees with annual total compensation of up to $500,000, representing 97 percent of the lender’s global workforce.

BofA had 213,193 employees at the end of 2024, which means stock awards will be slightly more than $1 billion.

Earlier this week, BofA’s fourth-quarter profit beat expectations, boosted by trading activity. The lender predicted higher interest income for 2025.

In the year For the full year of 2024, the giant bank’s revenue will exceed $100 billion, driven by strong growth in fee income, and profit will reach $27.1 billion.

“Every source of revenue is up, and we’ve seen better than industry growth in deposits and loans,” BofA CEO Brian Moynihan said in the earnings release. “We believe this broad momentum will set 2025 up nicely.”

Wall Street CEOs also expressed their belief that the incoming US administration will create a favorable business environment for banks. This comes as the country’s top lenders reported a rise in profits on the back of increased profitability in their trade and business activities.

Bankers expect the global deal volume to exceed $4 trillion by 2025, the highest level in four years.

The banking industry was buoyed by a broader operating environment with strong equity markets and analysts expecting President-elect Donald Trump to implement a deregulatory, low-tax agenda.

Earlier this month, Reuters cited a source who reported that BofA’s bonus pool for investment bankers will likely increase by 10 percent from last year.

In the year The bank’s stock is up 30.5 percent in 2024, outperforming the broader equity market.

Stock awards are often given to reward employees, retain their top talent, and align their interests with the company’s long-term success.