BofA raises CEO Brian Moynihan’s pay 31% for 2021 to $32 million

Brian Moynihan’s compensation includes $1.5 million in base salary and $30.5 million in restricted stock.


Simon Dawson / Bloomberg News

Bank of America Corp.

BAC 3.98%

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.

JPMorgan Chase

Jamie Dimon of & Co. earns $34.5 million in 2021, while

Goldman Sachs Group Of Inc.

David Solomon and

Morgan Stanley‘S

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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