Bank of America kept its CEO’s pay unchanged for 2019, according to news reports.
Brian Moynihan’s earnings for the year were $26.5 million, Reuters writes, citing an SEC filing. That included a $1.5 million base salary and an equity incentive award of $25 million, says Bank of America, the parent company of wealth management firms Merrill Lynch and Bank of America Private Bank, according to the newswire.
The bank had boosted Moynihan’s total compensation 15% in 2018 after the company posted record profits of $28.1 billion that year, Reuters writes. And excluding the impact of ending a joint venture during 2019, Bank of America’s profit rose to $29.1 billion last year, according to the newswire. Boards typically reward their CEOs for this sort of performance with a raise, Reuters writes.
Moynihan’s compensation remains behind those of CEOs at Bank of America’s rivals, the Wall Street Journal writes, attributing the lag to the firm’s difficulties in recovering from the financial crisis and the penalties it was ordered to pay arising from it. JPMorgan raised CEO Jamie Dimon’s 2019 compensation 1.6%, to $31.5 million. Morgan Stanley, on the other hand, shaved 7% off CEO James Gorman’s total compensation in 2019, but it was still $27 million for the year.
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