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U.S. bank BNY Mellon awards stocks to 90% of employees

2022-12-14T14:20:03Z

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York’s financial district March 11, 2015. REUTERS/Brendan McDermid

BNY Mellon (BK.N) said on Wednesday it would award 10 company shares each to its rank-and-file employees, as the U.S. bank seeks to include all workers in its commercial success.

The shares, which closed at about $46 on Tuesday, will be put into Fidelity stock plan accounts for about 90% of staff, BNY Mellon Chief Executive Officer Robin Vince wrote in a memo.

Major banks have given out special bonuses and increased hourly wages in recent years amid fierce competition for talent. Equity awards have typically been reserved for highly-paid executives and Wall Street bankers.

BNY Mellon’s stock grants are the latest in a series of perks it has introduced, including a new policy starting in January that gives all parents 16 weeks of paid leave.

The bank, which oversees $42.2 trillion in assets, had a global workforce of about 51,000 at the end of the third quarter.

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