Bank of America Corp., the nation’s largest lender, will pay investment-banking employees bonuses of about $4.4 billion for last year, or an average of $400,000 each, a person close to the bank said.

As much as 95 percent will be paid in stock vesting over about three years, the person said. Those receiving the smallest bonuses will get about half their compensation in cash, paid later this month, the person said.

Meanwhile, Morgan Stanley CEO James Gorman said that while the firm paid out $14.4 billion, or 62 percent of its net revenue, in bonuses and compensation last year, that ratio will never be seen again.