The generous corporate tax cut that President Donald Trump signed into law is good news to many, including U.S. employees of Bank of America.
According to a memo to staff by Bank of America CEO Brian Moynihan, BOA will hand off a portion of the savings to all its U.S. employees.
Those who make $150,000 or less annually will receive a $1,000 bonus by year-end “in the spirit of shared success” said Moynihan according to CNBC.
The historic tax cut that prompted the announcement by Moynihan spurred similar announcements of holiday bonuses for workers among industry giants including AT&T, Comcast and Wells Fargo. The tax cut is a part of a $1.5 trillion overhaul of the U.S. tax system that decreases the corporate tax rate from 35% to 21%.