Bank of America CEO’s salary rises more than 30% for 2021


Bank of America CEO and Chairman Brian Moynihan speaks during the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 2, 2021. REUTERS/Hannah McKay/Pool

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NEW YORK, Feb 4 (Reuters) – Bank of America Corp (BAC.N) chief executive Brian Moynihan’s total compensation for 2021 has risen by $7.5 million, or more than 30%, according to a published regulatory filing Friday.

Moynihan will receive $32 million for his work during the year, compared to $24.5 million in 2020, the first year of the pandemic when he and two other heads of major banks took pay cuts.

Boards of other major U.S. banks have also generously rewarded their CEOs this year, as annual bank profits rebounded last year on record M&A volumes, business activity and growth. economic recovery.

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Profits at Bank of Amercia Corp (BAC.N) rose nearly 30% to $6.77 billion in the fourth quarter of 2021 from the same period a year earlier. Revenue, net of interest expense, increased 10% to $22.1 billion.

Moynihan will receive a base salary of $1.5 million, with the remainder of his compensation consisting of an equity incentive bonus worth $30.5 million, according to the filing.

Bank of America’s board said its decision to raise Moynihan’s salary was based on the fact that the bank’s net income hit a record $32 billion last year and that the stock price of its share had increased by 47%.

By comparison, JPMorgan Chase & Co (JPM.N) chief Jamie Dimon will receive $34.5 million for 2021, while the CEOs of Morgan Stanley (MS.N) and Goldman Sachs Group Inc (GS. N) will receive $35 million.

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Reporting by Elizabeth Dilts Marshall; Editing by Chris Reese and Jane Wardell

Our standards: The Thomson Reuters Trust Principles.

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