Bank of America CEO's pay cut by more than 7%

Brian Moynihan Davos 2013 Pic

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

Bloomberg News reports that Moynihan got $11.5m in stock grants, the company said Tuesday in a regulatory filing.

The board left his salary unchanged at $1.5m 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.

Moynihan, 55, spent the year cutting expenses and cleaning up some of the bank’s biggest legal disputes. 

To access the complete Bloomberg News article hit the link below:

BofA Board Cuts CEO Moynihan’s Pay 7.1% to $13 Million

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