BofA Leaves CEO’s Pay Flat at $26.5 Million After Decade at Helm

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

By Lananh Nguyen February 11, 2020, 9:48 a.m. EST 1 Min Read

Brian Moynihan, chief executive officer of Bank of America Corp., poses for a photograph following a Bloomberg Television interview on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 - 24. Photographer: Simon Dawson/Bloomberg — Brian Moynihan, chief executive officer of Bank of America, poses for a photograph following a *Bloomberg Television* interview on the opening day of the World Economic Forum in Davos, Switzerland, on Jan. 21, 2020.

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.

Lananh Nguyen

Bloomberg News