Bank of America Corp (NYSE:BAC) Promises A Pay Hike For Its Junior Investment Bankers

The junior investment bankers working with Bank of America Corp (NYSE:BAC) look forward to great times ahead after the financial institution promised to implement its pay hike plan. The bank reveals that the bankers will start receiving the pay increment effective next month. 

The increment

The Covid-19 pandemic continues to frustrate people worldwide, which continues to exert immense pressure on the workforce. The intense workloads at such a time could end up killing workers’ morale, and there is a need to offer them perks or incentives.

The executive committee of Bank of America’s global corporate and investment banking unit has focused on the bank’s remote work environment and has decided to speak out regarding the matter.

 It discloses that it learned quite a lot from clients’ transactions and requests, and it will be using the knowledge to better conditions in the future. The body has also been checking out the market activity’s performance over recent times and come down to some important conclusions that will help enhance service delivery.

The junior investment bankers have been resourceful

The executive committee acknowledges the junior investment bankers’ efforts and commitment towards making the institution successful. It outlines the massive success they have experienced recently in forming good client relationships. The other desirable role has been the tremendous support they have shown to the bank’s deal teams. 

Bank of America Corp congratulates the junior investment bankers for their efforts, outlining that they deserve the increment. It deems their well-being critical in their success story, promising to continue improving their working conditions. 

The spokesman for the bank, John Yiannacopoulos, has been quick to acknowledge the memo’s contents. It didn’t point out the actual pay increase amounts, but analysts support the move terming it meaningful. 

A person familiar with the changes but wanted his identity to remain anonymous has given projections about the pay increments. Analysts will receive a $10,000 boost, whereas an additional $25,000 will go to VPs and associates. 

Most of the major banks have been making many changes to conform to remote working, lightening the load being one of the moves. However, many people remain skeptical about the changes terming them short-term. A lot might change when the pandemic subsides and people go back to their offices. 

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