Bank of America (BofA) Corp. will reward employees for the bank's strong performance through special bonuses for the fifth straight year, according to an internal memo seen by Reuters.

Roughly 97% of the bank's employees, who make up to $500,000 in total annual compensation, will be eligible for the bonuses.

"For this year, the estimated value of these awards is multiple times higher than the prior cash awards, particularly for teammates with total annual compensation up to $100,000, who will receive these awards in stock for the first time," said Bank of America CEO Brian Moynihan in the note to employees.