Bank of America CEO Moynihan saw his pay boosted by 31% last year, reaching $32 million
Bank of America CEO Brian Moynihan had his 2021 compensation boosted by $7.5 million, the bank’s board of directors said in a securities filing late Friday.
The Boston-based chief executive was awarded $32 million in total compensation in 2021, compared to $24.5 million the year prior, an increase of about 31%.
The bank’s earnings bounced back this past year after suffering during the early stages of the coronavirus pandemic. In 2020, Moynihan had his pay cut for the first time in five years, by $2 million.
Bank of America posted a record $32 billion in net income for last year, according to the latest bank filing. The bank’s board also considered the bank’s stock prices, which rose 47% in 2021, in determining Moynihan’s pay.
On Tuesday afternoon, the bank’s stock was trading at about $49.36 a share.
The board also noted the “successful transition” of Moynihan’s new executive team: the Charlotte-based bank shook up its senior leadership in September, adding five new members, naming a new CFO and announcing the retirement of a couple other C-suite executives.
Moynihan has been the bank’s CEO since 2010.
In 2021, he made a base salary of $1.5 million — that’s unchanged from the previous year — and got a stock package worth $30.5 million.
Bank of America employs about 16,000 people in the Charlotte area, and more than 200,000 companywide.
Moynihan’s compensation, over the years
Moynihan’s compensation, as authorized by the Bank of America board, has more than doubled since he took over as CEO. As some stock bonuses depend on meeting performance goals over multiple years, Moynihan’s actual take-home may differ from what the board awarded him.
Bank of America’s stock price has nearly tripled during Moynihan’s tenure. On Dec. 31, 2009, it was trading at $15.06 a share.
This story was originally published February 8, 2022 at 1:58 PM.
