Montag gets less pay at BofA than Moynihan for first time

Brian Fonzie Moynihan

Bank of America Chief Operating Officer Thomas K. Montag was paid less than Chief Executive Officer Brian T. Moynihan last year for the first time. Montag was awarded $15.5m, compared with Moynihan’s $16m.

Bloomberg News reports that Montag’s compensation, an 11% increase from a year earlier, included $8.7m in stock, a $5.8m cash bonus and a $1m salary, the bank said Thursday in a filing.

Montag, 59, is the former Goldman Sachs trading head who runs Bank of America’s investment-banking and markets divisions. He was the firm’s highest-compensated executive in the previous five years as the lender leaned on his operations to support earnings while spending more than $60bn to settle mortgage disputes. Profit from the global banking and global markets units, which Montag oversees,declined 8.3% in 2015 from a year earlier.

Bank of America boosted Moynihan’s compensation 23% for last year, according to a February filing. 

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BofA's Montag Gets Less Pay Than CEO Moynihan for First Time

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