Bank of America raises base pay for top bankers – source – Reuters

Bank of America raises base pay for top bankers – source – Reuters

Jan 26 (Reuters) - Bank of America Corp (BAC.N) is raising the base salary for senior bankers, according to a person familiar with the matter, its latest attempt to retain top talent in one of the most competitive years for pay on Wall Street.

Just a day earlier, the bank said 97% of its employees would get special compensation awards with a total value of nearly $1 billion, reflecting a 47% increase in its stock price last year. read more

Bloomberg News had reported earlier on Wednesday that Bank of America raised base salaries for its managing directors in investment banking and markets to $500,000 from $400,000.