Bank of America Corp chief executive officer Brian Moynihan’s total compensation declined 6.3 percent to US$30 million for his work last year, a year in which profit tumbled and shares sank.
The board granted Moynihan US$1.5 million in salary and US$28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said on Friday in a filing.
A year earlier, Moynihan’s compensation was boosted 31 percent to US$32 million after the firm set a record for profitability.
Photo: Bloomberg
The pay package follows an industry-wide focus on compensation and other expenses amid a slump in dealmaking and concern about the impact a potential recession would have on Wall Street revenue.
Bank of America is seeking to reward its best employees while keeping a lid on costs. The firm has already been forced to scale back on hiring plans, even as it added head count in the fourth quarter.
Net income last year fell to US$27.5 billion from a record US$32 billion a year earlier.
This year, the firm is awarding a pool of restricted stock to employees who earn up to US$500,000 to retain workers.
It is the sixth year the bank has paid such awards, which total more than US$4 billion.
Other US finance companies have turned to layoffs, with executives touting the need to cut costs in a challenging economic environment. That has caused some bank leaders to take a hit to their pay.
Goldman Sachs Group Inc chief executive officer David Solomon’s compensation for last year fell 30 percent to US$25 million, while Morgan Stanley chief executive officer James Gorman’s pay was cut 10 percent to US$31.5 million.
In contrast, JPMorgan Chase & Co held chief executive officer Jamie Dimon’s pay steady at US$34.5 million.
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