Banking, finance, and taxes
Bank of America CEO Pay Hiked to $12 Million
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Bank of America Corp.’s (NYSE: BAC) chief executive officer, Brian Moynihan, has been rewarded appropriately for a combination of layoffs, settlements of legal issues with the government, which have cost the financial firm hundreds of millions of dollars, and improved management of the firm’s operations. The bank’s stock has risen nearly 100% in the past year.
Moynihan’s compensation for 2012 was about $12 million, which is not terribly much given on how well the bank has outperformed its rivals in the stock market.
According to CNN Money:
The compensation package is much larger than in 2011, when Moynihan was paid $7 million.
The $12 million haul places Moynihan near the middle of the bank CEO compensation rankings. Moynihan just edged out JPMorgan’s Jamie Dimon, whose bonus was slashed by 53% amid fallout from the bank’s so-called London Whale trading losses.
But Moynihan isn’t expected to top Lloyd Blankfein of Goldman Sachs or John Stumpf of Wells Fargo.
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