Bank of America CEO's pay rises more than 30% for 2021

[NEW YORK] Bank of America Corp chief executive Brian Moynihan's total compensation for 2021 rose by US$7.5 million, or more than 30 per cent, a regulatory filing showed on Friday (Feb 4).

Moynihan will receive U$32 million for his work during the year, compared with US$24.5 million in 2020, the first year of the pandemic when he and 2 other big bank chiefs received pay cuts.

The boards of other big US banks have also rewarded their chief executive officers richly this year, as annual profits at banks bounced back last year on record-breaking M&A volumes, trading activity and the economic recovery.

Bank of Amercia Corp's profits rose nearly 30 per cent to US$6.77 billion in the fourth quarter of 2021 compared to the year ago period. Revenue, net of interest expense, rose 10 per cent to US$22.1 billion.

Moynihan will receive a base salary of US$1.5 million with the remainder of his pay package comprised of an equity incentive award worth US$30.5 million, according to the filing.

Bank of America's board said its decision to raise Moynihan's pay was based on the fact that the bank's net income soared to a record of US$32 billion last year and its stock price rose 47 per cent.

In comparison, JPMorgan Chase & Co head Jamie Dimon will receive US$34.5 million for 2021, while both the CEOs of Morgan Stanley and Goldman Sachs Group will receive US$35 million. REUTERS