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Shares in Bank of America are trading a little higher pre-market on Friday. The company’s share price continues to extend its impressive rally off the October lows. BAC has benefitted sharply from the broad upturn in risk assets sparked by the recent COVID vaccine news. Shares are now set to break out to their highest levels since March 2020, the height of the pandemic.
Bonuses to be Capped?
There has been an interesting Bloomberg report this week citing the bank’s deliberations around this year’s bonus payouts to trading staff. Following the 20% jump in sales and trading revenues this year, traders have been expecting to receive bumper end-of-year payouts.
However, according to sources from the bank who spoke with Bloomberg, the bank’s management is considering keeping bonuses capped at last year’s levels.
Implications for Wall Street
The decision is still in the early stages and has not yet been confirmed. But, if it does come to pass, it would likely signal similar moves across the ...
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