Bank of America’s investment bankers’ bonuses will rise by about 10%, a Reuters source said
Saeed Azhar
NEW YORK (Reuters) – Bank of America’s bonus fund for investment bankers is likely to rise 10% for the past year, a source familiar with the matter told Reuters.
While the average increase will be 10%, some investment bankers will receive smaller payouts in the mid to high single digits, while other top performers would exceed the 10% range, two other sources told Reuters.
The bonuses will be paid in February after the bank reports its fourth-quarter earnings on January 16, one of the sources said.
Global banks benefited from an increase in dealmaking last year led by mergers, acquisitions and a surge in bond and equity underwriting.
Bloomberg previously reported on BofA’s increase.
BofA Securities ranked third in global investment banking fee business in the fourth quarter, earning $1.4 billion in revenue, up sharply from $958 million in the same period in 2023, according to Dealogic data.
Consulting firm Johnson Associates said in November that Wall Street firms are expected to pay bigger bonuses for 2024, the first increase since a bumper year in 2021.
Payouts are likely to rise after financiers benefited from several factors in recent months: a recovery in transactions, Federal Reserve interest rate cuts and record high equity markets, said the consultancy’s founder Alan Johnson.
