Bank of Amer­ica CEO got six­fold raise last year

The Washington Times Daily - - Business -

NEW YORK | The CEO of Bank of Amer­ica Corp. was paid $7.5 mil­lion last year — six times what he got in 2010, ac­cord­ing to an As­so­ci­ated Press anal­y­sis of a reg­u­la­tory fil­ing out Wed­nes­day.

The bank says Brian Moynihan’s pay pack­age for 2011 in­cluded a salary of $950,000, a $6.1 mil­lion stock award and about $420,000 worth of use of com­pany air­craft and tax and fi­nan­cial ad­vice.

Bank of Amer­ica stock plunged 58 per­cent in 2011. The bank strug­gled with law­suits from in­vestors who had bought se­cu­ri­ties backed by prob­lem­atic mort­gage loans.

The AP uses a cal­cu­la­tion that iso­lates the value a com­pany’s board places on the CEO’S to­tal pay pack­age. The fig­ure in­cludes salary, bonuses, in­cen­tives, perks and the es­ti­mated value of stock op­tions and awards.

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