Bank of America CEO got sixfold raise last year
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.