BofA boosts Moynihan’s pay to record $26.5M for last year

BRIAN MOYNIHAN received $25 million in stock grants and a $1.5 million salary in 2018. / BLOOMBERG NEWS/SIMON DAWSON
BRIAN MOYNIHAN received $25 million in stock grants and a $1.5 million salary in 2018. / BLOOMBERG NEWS/SIMON DAWSON

NEW YORK – Bank of America Corp. awarded CEO Brian Moynihan a record $26.5 million for 2018, a 15 percent increase from a year earlier.

Moynihan, 59, received $25 million in stock grants and a $1.5 million salary, the bank said in a filing Friday. While he hasn’t received a cash bonus since 2007, part of his stock award will settle in cash when it vests.

Net income at the second-largest U.S. lender surged 54 percent last year to a record $28.1 billion, helped by gains in the consumer-banking division. Shares of the Charlotte, N.C.-based firm slumped 17 percent in 2018, outpacing the 20 percent decline for the 24-company KBW Bank Index.

JPMorgan Chase & Co. CEO Jamie Dimon got $31 million for last year, the biggest compensation package he has received since before the 2008 financial crisis, while Morgan Stanley increased James Gorman’s compensation 7.4 percent to $29 million, the most since he became CEO in 2010. Goldman Sachs Group Inc.’s David Solomon, who succeeded Lloyd Blankfein as CEO in October, got $23 million.

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Anders Melin and Lananh Nguyen are reporters for Bloomberg News.