(Bloomberg) -- Bank of America cut Chief Executive Officer Brian T. Moynihan’s pay 7.1% for last year to $13 million after profit dropped by more than half.

Moynihan got $11.5 million in stock grants, the company said Tuesday in a regulatory filing. The board left his salary unchanged at $1.5 million and he received no cash bonus, a person with knowledge of the decisions said, asking not to be identified because the figures weren’t announced.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access