BofA CEO receives 17% pay boost after profit rise

Brian Fonzie Moynihan

Bank of America awarded CEO Brian Moynihan $14m for last year, boosting his pay 17% after profit more than doubled.

Bloomberg reports that Moynihan received $12.5m in stock grants for 2013, the firm said yesterday in a filing to the U.S. Securities and Exchange Commission. He got no cash bonus for last year, and his $1.5m salary will remain unchanged in 2014, said a person with direct knowledge of the matter who asked not to be named because the company hasn’t yet disclosed the CEO’s full package.

'They felt justified giving him a raise because the bank’s performance improved, but they didn’t give him an outrageous raise,' said Jeanne Branthover, managing director at Boyden Global Executive Search in New York. 'They’re also looking at how the outside world views this, and so they were relatively conservative.'

Half of Moynihan’s equity awards are restricted shares tied to the firm’s future performance, according to the filing. The rest are paid out in regular intervals. Last year, the bank raised Moynihan’s salary to $1.5m, effective that February, compared with $950,000 the three previous years.

To access the complete Bloomberg article hit the link below:

BofA Said to Boost CEO's Compensation 17% to $14 Million

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