Bank of America CEO Brian Moynihan Gets 25% Pay Bump
February 17 2017 - 05:31PM
Dow Jones News
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 Peter.Rudegeair@wsj.com
(END) Dow Jones Newswires
February 17, 2017 17:16 ET (22:16 GMT)
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