Bank of America CEO Sees 2012 Comp Rise 71%

Brian Moynihan

Bank of America boosted CEO Brian Moynihan’s 2012 compensation by more than 70% to about $12m and agreed to increase his base salary for this year.

Bloomberg reports that Moynihan received $11.1m in stock grants for 2012, almost doubling the amount he got the previous year, according to a regulatory filing Tuesday.

For 2013, the bank increased his base salary to $1.5m, compared with $950,000 for each of the previous three years, according to a person briefed on the matter. The person asked for anonymity because the full value of the pay package hasn’t been made public yet.

'His compensation is a product of what the market and board perceives to be his leadership', said Gustavo Dolfino, a former UBS banker and now president of Whiterock Group LLC, a New York-based executive-search firm. 'This kind of a raise is indicative of the board supporting what he’s doing'.

Hit the link below to access the complete Bloomberg article:

BofA Increases Moynihan’s Pay 71% to $12 Million in 2012

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