Bank of America has joined the parade of American companies celebrating tax cuts by giving its employees a special year-end bonus.
Brian Moynihan, the bank’s chief executive, sent an email to employees citing the benefits to the company from the lower corporate tax rate.
“In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. employees making up to $150,000 per year in total compensation–around 145,000 teammates–will receive a one-time bonus of $1,000 by year-end,” Moynihan wrote.
The bank also said that it expected to invest more in technology and in cities around the country where it operates but currently lacks “an extensive financial center network.”