Recognizing and rewarding performance
Every day we work together to help our customers, clients, colleagues and communities succeed by delivering the power of our company. Recognizing the efforts and rewarding the results of these interactions is a significant part of our culture at Bank of America. Our compensation philosophy is to pay for performance over the long term, as well as on an annual basis. We strive to pay our employees based on market rates for their roles, experience and how they perform. We regularly benchmark against other companies both within and outside our industry to confirm our pay is competitive.
We continue to be a leader in establishing a minimum rate of U.S. pay
In October 2024, we again increased our minimum hourly pay for U.S. employees — this time to $24 — making additional progress toward increasing our minimum hourly wage to $25 by 2025. With this increase, all full-time U.S. employees now make a minimum annualized salary of nearly $50,000, up by more than $18,000 since 2017.
Sharing Success Awards
Based on our 2024 financial performance, we provided teammates with Sharing Success compensation awards. This is the eighth time we have done so since 2017, bringing our total investment in our teammates through this program to nearly $5.8 billion, with approximately 97% of our employees receiving an award.
Most Sharing Success awards are in the form of Bank of America common stock that vests over four years, providing the opportunity for teammates across compensation levels to further share in our company’s long-term success. These awards are in addition to our standard annual compensation and incentive awards.
Equal Pay for Equal Work
We are committed to equal pay for equal work and we maintain robust policies and practices that reinforce our commitment, including reviews conducted by a third-party consultant with oversight from our Board and senior management.
Explore our Annual Report for more on our focus on Being a Great Place to Work