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Bank of America to give stock awards to rank-and-file workers

FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City

(Reuters) - Bank of America Corp will give stock awards to most of its global workforce for a sixth consecutive year, the company said in a memo to staff on Tuesday.

The second largest U.S. lender will award company shares that vest over four years to 96% of its almost 217,000 workers, according to the memo, which did not specify the amount of shares that would be given out.

Eligible bank employees who earn less than $500,000 a year will receive the stock awards, while a smaller number will get cash payments, according to the memo.

(Reporting by Lananh Nguyen; Editing by Leslie Adler)