Bank of America CEO gets heftier stock grant after strong 2017

Bank of America chief executive Brian Moynihan received $23 million in salary and stock for his performance in 2017, a 15 percent jump from the previous year.

His pay for 2017 included $21.5 million in stock, as well as an unchanged base salary of $1.5 million, according to a securities filing Friday. As in previous years, he did not receive a cash bonus.

In announcing Moynihan’s pay, Bank of America noted the company produced net income of $18.2 billion last year, up $410 million from the prior year. The company also said total capital returned to common shareholders was nearly $17 billion, more than double 2016’s amount and the highest level since 2006.

The higher compensation also follows a year in which Bank of America’s share price rose roughly 34 percent. That bested the 16 percent increase in the KBW Bank Index, which tracks shares of 24 large U.S. banks.

Last month, rival JPMorgan Chase disclosed that CEO Jamie Dimon was awarded $29.5 million for his work in 2017, up 5.4 percent from a year earlier. Dimon’s compensation included a base salary of $1.5 million, $23 million in stock and a $5 million cash bonus.

Of Moynihan’s stock awards, half are performance-based shares that will be paid only if Bank of America meets certain financial goals.

Last year, Moynihan was awarded $20 million in salary and stock, at the time his largest pay package since becoming CEO of the Charlotte-based bank in 2010. Like this year, half of his $18.5 million in stock in 2016 was also tied to the bank meeting specific financial goals.

San Francisco-based Wells Fargo, which has a large presence in Charlotte, has not yet announced 2017 compensation for CEO Tim Sloan.

This story was originally published February 9, 2018 at 11:34 AM with the headline "Bank of America CEO gets heftier stock grant after strong 2017."