Sunday, March 9, 2014

Fewer Bank of America execs get stock awards

The number of Bank of America employees who were granted stock awards this year fell significantly from the year before, the bank disclosed Friday.

About 22,000 workers received equity awards for their performance in 2013, and are thus subject to "claw-back" provisions for misconduct, Bank of America said in its proxy filing. That's down from 27,000 the year before.

The number of workers deemed to be "risk takers," on the other hand, rose to 4,600 from 4,500. These executives can have their bonuses cut back if their performance doesn't measure up, the bank says.

The reasons for the changes in numbers are not disclosed. But they give a glimpse of how the bank is being transformed by years of cost-cutting and layoffs. Bank of America shed nearly 25,000 jobs last year, and has eliminated more than 40,000 since fall 2011.

Bankers who receive stock bonuses have enjoyed the rally in Bank of America stock over the past two years.

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