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Bank of America Increases CEO Moynihan’s Pay 23% to $16 Million

Bank of America Corp. awarded Chief Executive Officer Brian T. Moynihan $16 million for his work final year, lifting his intensity remuneration 23 percent.

Moynihan perceived $14.5 million in batch grants for 2015 and left his income unvaried during $1.5 million, according to a regulatory filing Friday. A year earlier, a Charlotte, North Carolina-based bank gave a CEO of a second-biggest U.S. bank a $13 million compensate package.

Moynihan, 56, survived a conflict with investors in 2015 over either he should be nude of his purpose as authority as a bank’s batch lagged behind peers. The association also wrangled with regulators, as it was forced to resubmit a collateral devise underneath a Federal Reserve’s annual highlight test. Moynihan slashed losses 24 percent final year, partly by putting some of a bank’s biggest authorised woes behind it.

Bank of America shares slid 5.9 percent in 2015, trailing a 3.5 percent dump of a 90-company Standard Poor’s 500 Financials Index.

Half of what a bank postulated Moynihan for 2015 is in a form of batch related to opening over a three-year duration by 2018, according to a filing. For Moynihan to accept a full value, Bank of America contingency accommodate “growth goals” for lapse on resources and tractable discernible book value during those years.

Bank Executives

Executives of some other vital Wall Street banks saw their compensation for 2015 reduced as they contended with missed financial targets and loss batch prices. Morgan Stanley cut CEO James Gorman’s compensate final month by 6.7 percent to $21 million while Goldman Sachs Group Inc. reduced Chairman and CEO Lloyd C. Blankfein’s by 4.2 percent to $23 million.

Jamie Dimon, authority and CEO of JPMorgan Chase Co., saw his compensate increased 35 percent to $27 million.

Moynihan, an Ohio-born counsel who rose by a ranks during FleetBoston Financial Corp. before Bank of America bought it, outlasted other executives in late 2009 as talks fell detached with CEO possibilities from firms including Bank of New York Mellon Corp. He gained a authority pretension in Oct 2014 after spending most of his time as CEO, and some-more than $70 billion, traffic with a fallout from his predecessor’s acquisitions of Merrill Lynch Co. and Countrywide Financial Corp.

Article source: http://www.bloomberg.com/news/articles/2016-02-12/bank-of-america-increases-ceo-moynihan-s-pay-23-to-16-million