Wall Street's banks could profit by millions on coronavirus deaths of employees.

Wall Street traders have taken on greater health risks of catching the coronavirus by traveling to work on mass transit and working in a potentially contaminated building, some of the biggest banks will collect a death benefit should the employees die from the virus.

Wall Street banks own a form of life insurance called BOLI, short for Bank-Owned Life Insurance. The death benefit pays to the corporate owner of the policy, in this case the banks, not the employee or their family. Because it’s a life insurance policy, it has a lot of nice perks for the banks’ bottom line. The cash benefit of the policy builds up tax free while the policy is in force and the paid death benefit is free of federal income taxes. The bank is supposed to get the employee’s permission before taking out the policy but there is little evidence that employees know what they’re signing when a huge stack of papers is pushed in front of them on their hire date.

The amount of BOLI assets held by the banks is listed on Schedule RC-F on their Call Reports that are filed with federal regulators. As of December 31, 2019, four of the largest U.S. banks, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup’s Citibank held a combined $58.44 billion in BOLI assets. The breakdown was as follows: Bank of America $22.55 billion; Wells Fargo $19 billion; JPMorgan Chase $11.66 billion; and Citibank $5.23 billion.

But death benefits represent a large multiple to the amount of investments held in the policies. Experts suggest that $58.44 billion in BOLI assets could represent approximately $584 billion in future death benefits, or more than half a trillion dollars.