US and global investment banking services organisation Bank of New York (BNY) Mellon Corporation has introduced a share scheme for eligible employees with BK Restricted Stock Units, or BK Shares, which will open on 13 February 2023.
A grant of 10 restricted stock units will be awarded to eligible employees who do not receive equity compensation. The bank will put the shares into Fidelity stock plan accounts for 90% of its approximately 51,000 members of staff.
Robin Vince, chief executive officer at the Bank of New York Mellon, said: “We all contribute to BNY Mellon’s positive outcomes, and equity participation is an important way to feel connected to our growing value. Our business was the first to trade on the New York Stock Exchange, so it’s fitting that employees should own a part of it through its stock.
“Our firm touches 20% of the world’s investable assets; we’re the market leader across many of our businesses and platforms, with an unrivalled client roster to match. It’s especially meaningful that, with this new programme, many employees will become first-time participants in the capital markets we help power.”
This year has seen a number of employers use stock options to motivate and reward staff. Delivery service Gopuff gave equity and an ownership stake to its 1,400 UK employers in September, while exercise bike business Peloton gave US staff one-off stock-based compensation in July.
