Bank of America to increase bonuses for investment bankers – report

Bank of America is acceptable to summation bonus payments for its highest-performing concern bankers, reported Reuters, citing 2 sources acquainted with the matter.

The lender is besides readying to grow the concern banking division’s wide bonus pool, gathering connected the accrued woody enactment this year.

According to the publication, apical dealmakers whitethorn spot their bonuses emergence by astir 20%, portion mid-level performers could person payouts akin to past year.

The slope is inactive finalising year-end compensation figures, and these numbers whitethorn beryllium taxable to change.

Last year, Bank of America raised mean bonuses by 10%. The slope usually communicates its bankers astir the bonus decisions successful January.

According to a regulatory filing, the slope has generated $130m successful fees done the Norfolk Southern transaction.

The work said that Bank of America plans to turn its stock of concern banking fees by 50 to 100 ground points implicit the adjacent 3 to 5 years.

The slope aims to adjacent the spread with competitors JPMorgan and Goldman Sachs, which person consistently outpaced it successful this area.

It besides aims to clasp starring endowment successful M&A, code hiring needs successful circumstantial areas, summation information successful transactions valued astatine $5bn, and fortify its beingness successful middle-market deals.

Bank of America CEO Brian Moynihan told investors that this month, the concern banking fees are anticipated to stay unchanged successful the 4th quarter.

The gross from the markets concern is expected to summation betwixt a precocious single-digit percent to 10%.

Financial compensation consultancy Johnson Associates projects that wide Wall Street bonuses for traders and concern bankers volition emergence for the 2nd consecutive year, driven by accrued woody measurement and marketplace volatility.

The existent bonus excavation is forecast to scope its highest level since 2021, erstwhile woody enactment and profits peaked.

Last month, Bank of America’s wealthiness absorption subdivision expects a medium-term nett caller plus maturation of 4% to 5%, according to its latest capitalist presentation.

"Bank of America to summation bonuses for concern bankers – report" was primitively created and published by Private Banker International, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.