Bank of America’s chief executive, Brian Moynihan, took a 7% pay cut in 2014, as the giant bank faced mounting legal costs related to government investigations into the sale of mortgage investments leading up to the financial crisis.
The New York Times reports that Mr. Moynihan was awarded $13m in stock and cash last year, according to the bank’s proxy statement released Thursday. That was down from the $14m he received in 2013.
And again, the head of the firm’s investment bank, Thomas Montag, was paid more than his boss. Montag was awarded $14m in compensation, down from $15.5m in 2013.
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