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Jan 7 (Reuters) – Financial institution of America Corp is planning to extend the bonus pool for its workers, Bloomberg Information on Friday, citing individuals briefed on the discussions.
Senior executives are planning to extend the bonus pool for funding bankers by greater than 40%, whereas gross sales and buying and selling operations may see an increase of greater than 30% on common, based on the report.
U.S. banks are again to sweetening bonuses after a disastrous yr , when COVID-19 hit markets and compelled many to layoff employees and slash bonuses.
Final month, Goldman Sachs Group Inc and JPMorgan Chase & Co additionally laid out plans to lift their bonus swimming pools for funding bankers by 40% and 50%, respectively.
Compensation agency stated in November that bonuses for Wall Avenue staffers had been anticipated to be at their highest final yr since 2009, with funding bankers and equities merchants in line for the largest payouts.
Financial institution of America declined to touch upon the report.
Reporting by Ananya Mariam Rajesh in Bengaluru; Enhancing by Devika Syamnath