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Stocks Hold Stable After Falling Almost 300 Points During Monday's Session

Bank of America has joined the parade of American companies celebrating tax cuts by giving its employees a special year-end bonus.

Bank of America CEO Brian Moynihan said this week that the company will pay $1,000 bonuses to more than half its workforce, the latest company to announce payments after the passage of the federal tax overhaul.

The bonuses at the Charlotte-based bank will go to roughly 145,000 U.S.-based employees “in the spirit of shared success,” Moynihan said in an internal memo obtained by the Observer. Workers with total compensation up to $150,000 are eligible.

The bank employs more than 15,000 in Charlotte, though a spokesman couldn’t provide a breakdown of how many of those will receive the one-time payment. Bank of America joins AT&T, Comcast and Fifth Third Bancorp in announcing $1,000 bonuses for employees this week. Wells Fargo, another major Charlotte employer, said this week that it is raising its minimum wage 11 percent, to $15 an hour. PNC, which has a Charlotte office, also said Friday that it is giving $1,000 bonuses to 90 percent of its employees and raising minimum pay to $15 an hour, while Cornelius-based Aquesta Financial Holdings announced the same for all employees.

By Matt Couch

Founder & Host of The America First Media Group. Conservative Truth Slinger! The Truth Hurts!

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