BofA CEO Moynihan will get elevate to $26.5 million for file 2018 revenue

Brian Moynihan, Bank of America

Christopher Goodney | Bloomberg | Getty Pictures

Brian Moynihan, Financial institution of America

Bank of America CEO Brian Moynihan obtained a 15 p.c elevate, the largest enhance amongst financial institution chiefs to reveal pay to date, after the lender reported file earnings final yr.

Moynihan’s compensation rose to $26.5 million from $23 million in 2017, in line with a regulatory submitting Friday. That features a $1.5 million wage and $25 million in inventory models, a few of that are performance-based.

Financial institution of America, the second greatest U.S. lender after J.P. Morgan Chase, benefited final yr from the company tax reduce, rising rates of interest and Moynihan’s efforts to chop prices. The financial institution generated $28.1 billion in income in 2018, 54 p.c greater than the earlier yr, on $91.2 billion in income.

Moynihan, 59, has led the Charlotte, North Carolina-based financial institution for the reason that begin of 2010. He spent a lot of the sooner a part of his tenure cleansing up the mortgage-related mess associated to his predecessor’s acquisition of subprime lender Countrywide Monetary. Extra not too long ago, his stature amongst buyers and analysts has climbed with the financial institution’s monetary efficiency.

His rivals have additionally gotten raises. J.P Morgan’s Jamie Dimon, usually the highest-paid of financial institution CEOs, obtained a 5 p.c enhance to $31 million. Morgan Stanley’s James Gorman obtained a 7 p.c elevate to $29 million.

Goldman Sachs CEO David Solomon obtained $23 million, however his agency mentioned a few of that might get clawed again if the outcomes of an investigation into the 1MDB scandal would have influenced the board’s pay selections.

Author: Maxwell C.

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