Bank of America Cuts Moynihan Pay 3% to $29 Million for 2023

<-bsp-person state="{"_id":"0000018d-6bd6-d52b-a3af-ebf6f62b0000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Brian Moynihan’s total compensation as chief executive officer of <-bsp-bb-link state="{"bbHref":"bbg://securities/BAC%20US%20Equity/FA","_id":"0000018d-6bd6-d52b-a3af-ebf6f62b0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Bank of America Corp. declined 3% to $29 million for 2023, a year in which profit fell and the firm’s shares performed the worst among its biggest rivals.

The board granted Moynihan $1.5 million in salary and $27.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said Friday in a filing. A year ago, Moynihan’s compensation was <-bsp-bb-link state="{"bbDocId":"RP9ALPDWLU68","_id":"0000018d-6bd6-d52b-a3af-ebf6f62c0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">cut 6.3% to $30 million after earnings tumbled and the shares sank.

WATCH: Katherine Doherty reports on Bank of America cutting CEO Brian Moynihan’s pay.

Source: Bloomberg

Moynihan’s pay package follows a year of turmoil at several smaller lenders after rising interest rates eroded the ...