Business

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.


Photo:

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.

Write letter for Ben Eisen at ben.eisen@wsj.com

How are the biggest companies doing?

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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

Ian Walker

TheHiu.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@thehiu.com. The content will be deleted within 24 hours.

Related Articles

Back to top button