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.
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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