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Watch Bank of America Cuts CEO Brian Moynihan’s Pay 3% - Bloomberg

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00:00This is the second year now that Brian Moynihan's pay total comp has been reduced, isn't it? That's right. And he's one of the only executives right now to have received a pay cut. Others have either gotten a slight increase or kept the same. But basically what we're seeing is this 3.3% drop is tracking in line with the company's net profit overall, their net income. And so that is down about 3%. And essentially what what I'm reading into this is that the board is saying in a year that, first of all, among the six largest U.S. banks, their stock is performing the worst in 2023 and their profit is down 3%. It's not double digits down, but this is a signal that it's reflective of overall performance. I wouldn't say it's a massive cut by any means. Last year was 6%, so that's almost double percentagewise what the cut is this year. But it's not flat and it's not up like other banks. Well, given the correlation between, I guess, well, how they compensate them and the growth in the business and the business overall, are we expecting maybe a potential raise this year, a raise for morning for Moynihan? I think that if he can prove that he's still focused on what he calls responsible growth, and that means growing the business. But you have to see that in the number in the profit. And 2023 was was not a year in which profit had risen in that way. So I guess 2024 it's it's off to the races and they'll have to to prove that there are investments that they're making to push their business forward and to to grow in what he calls responsibly.

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Bank of America Cuts CEO Brian Moynihan’s Pay 3%

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