Compensation News - Bank of America, Credit Suisse, Charles Schwab

Pile of Coins

Bloomberg reports that Bank of America CEO Brian Moynihan saw his 2010 compensation cut 70% to $1.94m.

Moynihan, who bagged $10m for his work in 2009, received a $950,000 salary, but no cash bonus, no stock options, and no non-equity based incentive plan compensation.

Sallie Krawcheck, who heads the firm's wealth unit, however saw her comp increase from $1.9m in 2009 to $6.2m.

In the meantime, The Wall Street Journal reports that Credit Suisse Group Chairman Hans-Ulrich Doerig has said that he is taking his quest to explain the company policy on compensation to as broad a constituency as possible, as 'we are aware that pay remains a controversial topic, and we take concerns seriously'.

Finally, Dow Jones Newswires reports that Charles Schwab CEO Walt Bettinger received around $10m in total compensation for his work in 2010, including a $900,000 base salary, and stock and option awards totaling $6.7m. Bettinger's comp was broadly flat on 2009.

Company founder and Chairman Charles Schwab received $4.5m in total (down from $4.7m in 2009), over half of which came in stock and option-related compensation.

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