(Bloomberg) -- Bank of America Corp. is splitting a roughly $800 million pool of restricted stock with the majority of its staff, boosting compensation to retain employees even as the bank works to keep a lid on expenses.

The incentive, which comes on top of regular compensation, goes to workers who earn as much as $500,000 in total annual pay, according to a memo from Chief Executive Officer Brian Moynihan Thursday. About 97% of the global workforce is eligible. This is the seventh time the firm has paid such awards, which total more than $4.8 billion since the program started in 2017, according to the memo, which a company spokesperson confirmed.

“The hard work of our teammates around the world over the past year again produced strong results,” Moynihan said in the memo. “This work enabled us to invest in the future, including in our digital capabilities,” and “in programs and services designed to help our teammates enjoy long and successful careers with our company.”

Earlier this month, the company reported $26.5 billion in net income for 2023, down from $27.5 billion a year earlier. The firm is focused on keeping expenses in check, and used attrition to bring its headcount down almost 2%, to 212,985, without taking a meaningful severance charge, Chief Financial Officer Alastair Borthwick said on a call with analysts after results were released. 

Wall Street firms are trying to hold on to their best talent while keeping a lid on costs that have already forced them to trim staff or freeze hiring. Financial firms had previously raised wages and offered other perks amid a labor shortage that left a record number of open positions and historically low unemployment coming out of the pandemic.

In addition to the stock award, a limited number of employees will receive a cash bonus based on compensation and local requirements, according to the memo. Moynihan said the company would provide more information about specific award amounts to all eligible employees and their managers in February.

Last year the bank similarly rewarded the majority of its employees with a pool of restricted stock. The firm also raised its minimum wage to $23 in 2023 with a goal of paying $25 an hour by 2025. 

Read More: Bank of America Raises Minimum Wage to $23 on Way to $25 an Hour

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