By Christina Rexrode
Brian Moynihan is getting a pay cut.
Mr. Moynihan, chairman and CEO of Bank of America Corp., is
expected to be paid $13 million for 2014, most of it in the form of
restricted stock. That's a 7% decline from last year, when he
earned $14 million.
The payout for Mr. Moynihan is calculated according to a
regulatory filing the bank disclosed Tuesday. The bank said it
would pay Mr. Moynihan restricted stock worth $11.5 million, based
on the stock's average closing price for the previous 10 days,
which was $16.20.
Mr. Moynihan is also expected to be paid $1.5 million in salary,
in line with last year, according to a person familiar with the
situation. He has not received a cash bonus since 2010, his first
year as CEO, and is not expected to get one for 2014, according to
the person.
Write to Christina Rexrode at christina.rexrode@wsj.com
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