Some of Bank of America’s top brass are receiving heftier stock awards, resulting in double-digit percentage increases from last year’s payouts, according to new regulatory filings.
The stock packages were disclosed late last week as the Charlotte-based bank reported compensation awarded to CEO Brian Moynihan for his work in 2015.
This year’s filings also provide a glimpse into stock awards for two Charlotte-based executives who were elevated in July as part of a reorganization of the bank’s top executives. Those executives are Andrea Smith, who was named chief administrative officer, and Cathy Bessant, who was named chief operations and technology officer. Their awards were not disclosed last year.
The bank awarded more shares this year at a time when its stock price is down compared with a year ago.
Like many other big banks, Bank of America’s share price has dropped as investors flee financial stocks over a range of concerns, including plummeting oil prices and worries about global economic growth. For the year, Bank of America’s shares are down about 29 percent, compared with a roughly 19 percent slide in the KBW Nasdaq Bank Index, which tracks share performance of 24 large U.S. lenders.
Here’s a look at what executives were awarded in restricted stock for their 2015 performance:
▪ Dean Athanasia, president of preferred and small business banking and co-head of consumer banking, $3.4 million (up 79 percent)
▪ Bessant, $3.4 million
▪ Rudolf Bless, chief accounting officer, $2.1 million
▪ Paul Donofrio, chief financial officer, $5.8 million
▪ Geoffrey Greener, chief risk officer, $5 million (up 17.5 percent)
▪ Terry Laughlin, head of global wealth and investment management, $5.2 million (up 21 percent)
▪ Thomas Montag, chief operating officer, $8.7 million (up 11.5 percent)
▪ Thong Nguyen, president of retail banking and co-head of consumer banking, $3.4 million (up 79 percent)
▪ Smith, $3.4 million
Year-over-year award comparisons are not available for Bless, who succeeded former Chief Accounting Officer Neil Cotty in March, and Donofrio, who in August replaced Bruce Thompson as he stepped down as CFO.
The higher stock awards came as Moynihan saw his total compensation rise 23 percent to $16 million. That figure comprises $14.5 million in restricted stock and $1.5 million in salary.
In awarding Moynihan the increase, the bank noted “continued progress” the company made in 2015, as well as its profit for the year of nearly $16 billion compared with $4.8 billion in 2014.
The bank will disclose more compensation details, such as salaries, for Moynihan’s top lieutenants in its annual proxy statement, which is usually released in March.