Close Close

Practice Management > Building Your Business

BofA Boosts Moynihan’s Pay to $23M for 2017

Your article was successfully shared with the contacts you provided.

Bank of America Corp. boosted Chief Executive Officer Brian T. Moynihan’s compensation to $23 million for 2017, a 15% increase from a year earlier.

Moynihan, 58, received $21.5 million in stock grants and a $1.5 million salary, the Charlotte, North Carolina-based lender said Friday in a regulatory filing. Half of the equity awards are linked to performance over three years.

The rest includes restricted stock units that vest regardless of performance and others that settle in cash within one year. He hasn’t received a cash bonus since 2007.

Moynihan has sought to trim costs and boost profits after years of grappling with legal and regulatory headaches stemming from the financial crisis. In 2017, expenses fell 1% and profit increased 3%.

Shares of the lender, the second-biggest in the U.S. by assets, rose 34% last year, outpacing the 16% advance for the 24-company KBW Bank Index.

JPMorgan Chase & Co. CEO Jamie Dimon got $29.5 million for last year, a 5.4% increase, while Morgan Stanley lifted CEO James Gorman’s compensation 20% to $27 million.