Bank of America Corp. announced Friday that it will cut its $3 billion bonus for the fiscal year that begins in October to $2 billion.
The announcement came after a year of financial turmoil that has seen the U.S. economy sink to a record low.
The company will also announce a $1 billion cash bonus for employees.
The bonus is the latest in a string of cuts announced by the bank in the past year.
Last month, it announced a $900 million bonus for its employees and another $400 million bonus next year.
Bank of American said the company will not have a full year of bonuses after the fiscal 2019 fiscal year begins Oct. 1.
The bank’s CEO, Brian Moynihan, also said that the bank will no longer offer employee stock options in the next two years.
The stock market has plummeted about 30% since the financial crisis began.
The global financial system is in the midst of a crisis of unprecedented proportions.
More than $3 trillion in assets have been wiped off the value of U.N. debt and other financial assets.
It is unclear how many Americans have lost their jobs.
The financial crisis has hit a lot of companies hard.
The S&P 500 index is down more than 12% from a year ago.