The Straits Times
Published on Feb 20, 2013

Bank of America's CEO gets 73% pay increase as shares soar


NEW YORK (REUTERS) - Bank of America (BoA) chief executive Brian Moynihan's pay increased 73 per cent last year from the previous year to US$12.1 million (S$15 million), as the bank gave him a bigger package of stock awards.

The second-largest US bank gave Mr Moynihan a raise when other CEOs on Wall Street received a pay cut, after Bank of America's stock soared last year and it made progress in resolving lawsuits from the financial crisis.

Mr Moynihan received 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing on Tuesday.

He earned a US$950,000 salary last year, but received no cash bonus, similar to 2011, a person familiar with the situation said. The CEO's salary this year will increase to US$1.5 million, the person said. The stock grants for last year were worth US$11.1 million at the closing price of US$12.03 on Friday, the date they were awarded. Mr Moynihan received grants worth about US$6.1 million for 2011.