BofA lifts CEO Brian Moynihan’s pay 31% for 2021 to $32 million
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1 min read . Updated: 06 Feb 2022, 09:06 PM IST - Compensation increase follows a year of record profits and a jump in the stock price
Bank of America Corp. increased Chief Executive Officer Brian Moynihan’s pay by 31% last year after the lender posted record profits.
Mr. Moynihan earned $32 million in 2021, which includes $1.5 million in base pay and $30.5 million in restricted stock, half of which is tied to the bank’s performance over the next three years, according to a securities filing released Friday.
In 2020, the bank’s board of directors cut his pay to $24.5 million because of the impact of the Covid-19 pandemic on the bank’s performance.
Profit roared back last year after the Charlotte, N.C.-based lender released reserves set aside for loan losses, which so far haven’t materialized.
A flurry of deals drove up investment-banking revenue. Bank of America minted $32 billion in profit last year, and its stock jumped 47%.
Mr. Moynihan’s 2021 payday is his biggest since he took the helm in 2010, but still puts him behind other big-bank CEOs. JPMorgan Chase & Co.’s Jamie Dimon earned $34.5 million in 2021, while Goldman Sachs Group Inc.’s David Solomon and Morgan Stanley’s James Gorman each took home $35 million.
The pandemic economy has stoked a war for talent that has filtered down to the ranks at the largest lenders, prompting bigger paychecks and bonuses for bankers. Bank of America’s total compensation expenses rose to $36.14 billion in 2021, up 10% from 2020.
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This story has been published from a wire agency feed without modifications to the text
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