BofA leaves CEO’s pay flat at $26.5M after decade at helm

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Bank of America awarded Chief Executive Officer Brian Moynihan $26.5 million for 2019, unchanged from a record amount a year earlier.

Moynihan, 60, received $25 million in stock grants and a $1.5 million salary, the bank said in a filing Friday. While he hasn’t received a cash bonus since 2007, part of his stock award will settle in cash when it vests.

Moynihan marked 10 years at the helm in January. After inheriting a bank that was on the brink of extinction, the CEO turned the company around, boosting shares 129%, carrying out $88 billion in share buybacks and dividends, and converting multibillion-dollar losses into record profits. Still, net income fell 2.5% to $27.4 billion last year after an impairment charge and a slip in profit at the company’s investment bank and trading divisions.

Elsewhere on Wall Street, JPMorgan Chase CEO Jamie Dimon got a 1.6% bump to $31.5 million for last year, while Morgan Stanley head James Gorman’s compensation fell 6.9% to $27 million.

--With assistance from Anders Melin.

Bloomberg News
C-suite Compensation Bank of America Brian Moynihan