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

12:56 pm Wednesday, December 14th, 2022

NEW YORK (Reuters) – BNY Mellon 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.

(Reporting by Lananh Nguyen; Editing by Vinay Dwivedi)