Bank of America CEO Brian Moynihan Gets 25% Pay Bump

By Peter Rudegeair 

Bank of America Corp.'s Brian Moynihan is set to receive his biggest pay package since becoming chief executive more than seven years ago.

Mr. Moynihan is expected to receive total compensation of $20 million for 2016, according to a regulatory filing the bank made Friday. That is a 25% increase from the previous year, when he received $16 million.

The package for Mr. Moynihan includes $18.5 million of restricted stock, a value based on the bank's recent share price. To get the full value of the award, Mr. Moynihan and the bank will have to meet certain performance metrics. Earlier in his tenure as CEO, Mr. Moynihan had forfeited large chunks of his stock awards because the bank's results were below targets.

Mr. Moynihan also will receive $1.5 million in salary, the same as the previous year. He doesn't get a cash bonus.

Like other banks, Bank of America's 2016 results benefited from political and economic uncertainty that boosted trading results for three quarters in a row. Its stock price has soared since the surprise presidential election of Donald Trump, which has fueled investors' hopes for looser regulation and economic growth.

Bank of America's 2016 profit was up 13%, notching its biggest annual profit in a decade. Revenue was roughly flat, up less than 1%. But Mr. Moynihan still has to improve some key measures of shareholder returns, including return on equity.

Write to Peter Rudegeair at [e-mail]

(END) Dow Jones Newswires

February 17, 2017 17:16 ET (22:16 GMT)

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