Big bank’s CEO takes a pay cut

by MPA19 Feb 2015
Bank of America’s CEO Brian Moynihan will have to settle for a mere $13 million this year. That’s a $1 million drop compared to a package worth $14 million a year ago, according to a recent SEC filing. 

Moynihan was awarded $11.5 million in various stock grants and a base salary of $1.5 million, according to the Triangle Business Journal. More details are expected to be released soon in the lender’s proxy filing.

The new pay follows a mixed year for Bank of America. The lender’s non-mortgage related lines of business saw improvements. However, the record $16.7 billion mortgage securities settlement last year wiped out most of its profit gains. For 2014, the bank reported only about $3.8 billion in total net income for common shareholders compared to $10 billion in net income reported in 2013.

Meanwhile, JPMorgan’s CEO Jamie Dimon income has stayed relative similar. Following a year including record profits, a major data breach and massive legal expenses, the CEO of America’s largest bank is slated to receive around $20 million in total compensation for 2014.



Is TILA-RESPA a good or bad thing long term?