Bank of America Corp.
raised CEO Brian Moynihan’s pay by 31% last year after the lender posted record profits.
Mr Moynihan earns $32 million in 2021, including $1.5 million in base salary and $30.5 million in restricted stock, half of which is tied to the bank’s operations during the year. the next three years, according to a securities filing released Friday.
In 2020, the bank’s board of directors reduced his salary to $24.5 million because of the impact of the Covid-19 pandemic on the bank’s operations.
Profits increase again last year after Charlotte, the NC-based lender released reserves for loan losses, which so far have not materialized.
A flurry of deals has boosted investment banking revenue. Bank of America made $32 billion in profit last year, and its shares jumped 47%.
Mr Moynihan’s 2021 payday is his biggest payday since he took the helm in 2010, but still ranks him behind the CEOs of other major banks.
Jamie Dimon of & Co. earns $34.5 million in 2021, while
Goldman Sachs Group Of Inc.
David Solomon and
James Gorman once brought in $35 million.
The economic pandemic has sparked a war for talent that has filtered down the ranks at the biggest lenders, resulting in bigger wages and bonuses for bankers. Bank of America’s total claims costs rose to $36.14 billion in 2021, up 10% from 2020.
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https://www.wsj.com/articles/bank-of-america-lifts-ceo-brian-moynihans-pay-31-for-2021-to-32-million-11644013074?mod=rss_markets_main BofA raises CEO Brian Moynihan’s pay 31% for 2021 to $32 million