Bank of America CEO Brian Moynihan got a 15 percent occasion, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year.
Moynihan’s compensation lift to $26.5 million from $23 million in 2017, according to a regulatory filing Friday. That includes a $1.5 million remuneration and $25 million in stock units, some of which are performance-based.
Bank of America, the second biggest U.S. lender after J.P. Morgan Pursuit, benefited last year from the corporate tax cut, rising interest rates and Moynihan’s efforts to cut costs. The bank initiate $28.1 billion in profits in 2018, 54 percent more than the previous year, on $91.2 billion in revenue.
Moynihan, 59, has led the Charlotte, North Carolina-based bank since the start of 2010. He all in much of the earlier part of his tenure cleaning up the mortgage-related mess related to his predecessor’s acquisition of subprime lender Countrywide Fiscal. More recently, his stature among investors and analysts has climbed with the bank’s financial performance.
His rivals be enduring also gotten raises. J.P Morgan’s Jamie Dimon, typically the highest-paid of bank CEOs, got a 5 percent increase to $31 million. Morgan Stanley’s James Gorman got a 7 percent advance to $29 million.
Goldman Sachs CEO David Solomon got $23 million, but his firm said some of that could get teared back if the results of an investigation into the 1MDB scandal would have influenced the board’s pay decisions.