First on CNN: Bank of America is giving workers $1 billion of stock

New York (CNN Business) Bank of America is handing out $1 billion worth of restricted stock to virtually its entire workforce as the bank seeks to gain an upper hand in the war for talent.

In a memo shared exclusively with CNN, Bank of America CEO Brian Moynihan said Tuesday the company is for the first time opening up its stock awards program to lower-level employees who make up to $100,000 a year. In the past, those employees received a one-time cash bonus.

Bank of America BAC said each eligible employee will receive between 65 and 600 restricted stock units, corresponding with their compensation. Those units will vest over four years beginning in 2023.

At a minimum, that means frontline workers like bank tellers will receive restricted shares that are valued, on paper, at about $2,900 based on Bank of America's current share price of $45.

At the upper end, higher-salary employees would get restricted shares valued at around $27,000.