Thread by @JuddLegum, 1. In March @BankofAmerica, with some fanfare, announced a modest increase in [...]

1. In March @BankofAmerica, with some fanfare, announced a modest increase in pay for employees who couldn& #39;t work from home ($200 every 2 weeks)

CNBC reported that it would be in place for the duration of the pandemic

This month, BofA ended the payments https://popular.info/p/as-covid-spikes-bank-of-america-ends">https://popular.info/p/as-covi...

As COVID spikes, Bank of America ends pandemic pay increase

On March 20, 2020, there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths. Bank of America, at that time, recognized the additional risk that the pandemic posed...

2. @BankofAmerica didn& #39;t announce that the pandemic pay increase was ending. http://Popular.info"> http://Popular.info obtained an internal memo which announced the change.

It comes as COVID cases are spiking around the country https://popular.info/p/as-covid-spikes-bank-of-america-ends">https://popular.info/p/as-covi...

As COVID spikes, Bank of America ends pandemic pay increase

On March 20, 2020, there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths. Bank of America, at that time, recognized the additional risk that the pandemic posed...

http://Popular.info

3. The day @BankofAmerica announced the pay increase there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths

Today, there are more than 8.9 million confirmed COVID-19 cases, which resulted in more than 230,000 deaths https://popular.info/p/as-covid-spikes-bank-of-america-ends">https://popular.info/p/as-covi...

As COVID spikes, Bank of America ends pandemic pay increase

On March 20, 2020, there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths. Bank of America, at that time, recognized the additional risk that the pandemic posed...

4. Why is @BankofAmerica ending the pay increase now? The bank did not respond to a request for comment.

This is straight out of the corporate PR playbook. Get free press on the announcement. Go underground when you roll it back as the pandemic spikes https://popular.info/p/as-covid-spikes-bank-of-america-ends">https://popular.info/p/as-covi...

As COVID spikes, Bank of America ends pandemic pay increase

On March 20, 2020, there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths. Bank of America, at that time, recognized the additional risk that the pandemic posed...

5. It certainly is not a financial necessity. @BankofAmerica had $5 BILLION in profits in the third quarter, while the increase was in place

The company admitted in investor calls the overall impact on costs was minimal. https://popular.info/p/as-covid-spikes-bank-of-america-ends">https://popular.info/p/as-covi...

As COVID spikes, Bank of America ends pandemic pay increase

On March 20, 2020, there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths. Bank of America, at that time, recognized the additional risk that the pandemic posed...

6. If you like this thread and holding powerful corporations accountable, you& #39;ll really like my newsletter http://popular.info/subscribe ">https://popular.info/subscribe...

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7. The modest pay increases have cost the company, at most, a few hundred million. Compare that to the $34 BILLION BofA spent on dividends and stock buybacks last year.

BofA says its employees are priority #1 during the pandemic but actions speak louder https://popular.info/p/as-covid-spikes-bank-of-america-ends">https://popular.info/p/as-covi...

As COVID spikes, Bank of America ends pandemic pay increase

On March 20, 2020, there were 20,880 confirmed COVID-19 cases in the United States, which resulted in 311 deaths. Bank of America, at that time, recognized the additional risk that the pandemic posed...

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