The overall cost of the bonus pool at Bank of America will be below that of previous years, according to a spokesperson reported by Bloomberg.

“Some people will be getting very good bonuses because they had a very good year,” the spokesperson said. “Clearly, investment banking at Bank of America had a pretty good year, so you’d expect year-end incentives would reflect that.”

The overall pool “will not be a record”; the sum must get approval by the company’s board by the end of January.

The report did not specify whether the bonus payments will also apply to the wealth management side of the business. BoA is now the world's biggest wealth manager following its acquisition a year ago of Merrill Lynch.