Bank of America CEO's pay rises more than 30%, takes home US$32mil

Moynihan will receive US$32 million for his work during the year, compared with $24.5 million in 2020, the first year of the pandemic when he and two other big bank chiefs received pay https://reut.rs/374CaN1 cuts.

NEW YORK: Bank of America Corp Chief Executive Brian Moynihan's total compensation for 2021 rose by US$7.5 million, or more than 30%, a regulatory filing showed on Friday.

Moynihan will receive US$32 million for his work during the year, compared with $24.5 million in 2020, the first year of the pandemic when he and two other big bank chiefs received pay https://reut.rs/374CaN1 cuts.

The boards of other big U.S. banks have also rewarded their chief executive officers richly this year, as annual profits at banks bounced back last year on record-breaking M&A volumes, trading activity and the economic recovery.

Bank of Amercia Corp's profits https://www.reuters.com/markets/europe/bank-america-profit-beats-estimates-loan-growth-ma-boost-2022-01-19 rose nearly 30% to $6.77 billion in the fourth quarter of 2021 compared to the year ago period. Revenue, net of interest expense, rose 10% to $22.1 billion.

Moynihan will receive a base salary of $1.5 million with the remainder of his pay package comprised of an equity incentive award worth $30.5 million, according to the filing.

Bank of America's board said its decision to raise Moynihan's pay was based on the fact that the bank's net income soared to a record of $32 billion last year and its stock price rose 47%.

In comparison, JPMorgan Chase & Co head Jamie Dimon https://www.reuters.com/business/jpmorgan-board-lifts-ceo-dimons-pay-345-million-2022-01-20 will receive $34.5 million for 2021, while both the CEOs of Morgan Stanley https://www.reuters.com/article/morgan-stanley-ceo-compensation-idCNL4N2U13ND and Goldman Sachs https://www.reuters.com/article/goldman-sachs-solomon-compensation-idCNL4N2U84J7 Group Inc will receive $35 million.- Reuters