BofA CEO Moynihan bank's high­est-paid ex­ec­u­tive for first time

The Pak Banker - - FRONT PAGE -

NEW YORK: Bank of Amer­ica Corp Chief Ex­ec­u­tive and Chair­man Brian Moynihan re­ceived a higher year-end com­pen­sa­tion award for 2015 than any other ex­ec­u­tive at the bank, the first time this has hap­pened since he took the top job in 2010.

In each of the pre­vi­ous years Thomas Mon­tag, the bank's chief op­er­at­ing of­fi­cer, re­ceived a larger pay pack­age than Moynihan. New York-based Mon­tag over­sees Bank of Amer­ica's in­vest­ment bank, in­clud­ing its se­cu­ri­ties busi­nesses.

Moynihan re­ceived cash and stock val­ued at $16 mil­lion in 2015, com­pared with $15.5 mil­lion for Mon­tag, ac­cord­ing to a reg­u­la­tory fil­ing on Thurs­day. Moynihan's com­pen­sa­tion in­creased 23 per­cent from 2014.

Still, his pack­age paled in com­par­i­son with that of JPMor­gan Chase & Co's (JPM.N) Jamie Di­mon. The CEO and chair­man of the big­gest U.S. bank by as­sets was awarded $27 mil­lion, a jump of 35 per­cent.

Moynihan's pay­out also fell short of those of Cit­i­group Inc (C.N) Chief Ex­ec­u­tive Michael Cor­bat, who re­ceived about $16.5 mil­lion, and Wells Fargo & Co's (WFC.N) John Stumpf, who was awarded $19.3 mil­lion.

Bank of Amer­ica, the No. 2 U.S. bank by as­sets, earned $15.89 bil­lion in 2015, up from $4.83 bil­lion in 2014 when the Char­lotte, North Carolina-based bank in­curred $10 bil­lion in le­gal ex­penses.

Moynihan fought off a share­holder cam­paign last year to strip him of the chair­man­ship. Some share­hold­ers were up­set that the bank had uni­lat­er­ally changed its by­laws in 2014 to al­low Moynihan to hold both the CEO and chair­man roles af­ter in­vestors had voted in 2009 to sep­a­rate them. Bank of Amer­ica shares, which were up marginally at $13.40 in af­ter­noon trad­ing, fell about 6 per­cent in 2015.

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