BofA CEO sees sharp increase in pay

Brian Fonzie Moynihan

Bank of America awarded CEO Brian T. Moynihan $16m for his work last year, raising his potential compensation 23%.

Bloomberg News reports that Moynihan received $14.5m in stock grants for 2015 and left his salary unchanged at $1.5m, according to a regulatory filing Friday.

A year earlier, the bank gave the CEO of the bank a $13m pay package.

Moynihan, 56, survived a battle with investors in 2015 over whether he should be stripped of his role as chairman as the bank’s stock lagged behind peers. The company also wrangled with regulators, as it was forced to resubmit its capital plan under the Federal Reserve’s annual stress test. Moynihan slashed expenses 24% last year, partly by putting some of the bank’s biggest legal woes behind it.

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

Bank of America Increases CEO Moynihan's Pay 23% to $16 Million

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