IN BRIEF : BofA Plans $20 Million in Bonuses
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SAN FRANCISCO — BankAmerica Corp. will spend almost $20 million on bonuses for all 53,000 employees below the rank of senior vice president.
The workers were informed on Wednesday the bonuses will range from $50 to $211. In addition, all employees will receive an extra day off this year.
The bank on Monday reinstated its quarterly stock dividend, the first in three years.
“They turned the corporation around, and in so doing delivered strong earnings,” Chief Executive A. W. Clausen said in a letter to all employees.
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