Mon, May 28, 2012, 6:58 AM EDT - U.S. Markets closed for Memorial Day

BofA CEO gets a pay cut

Bank of America slashes restricted stock awards for CEO Moynihan

Associated Press – Fri, Feb 17, 2012 6:53 PM EST

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CHARLOTTE, N.C. (AP) -- Bank of America's chief executive is taking a pay cut.

Brian Moynihan will be eligible for up to $5.9 million in restricted stock for his 2011 bonus, according to a regulatory filing the bank made Friday. That would be 35 percent less than the $9.05 million in restricted stock awards that he was eligible for in 2010.

Excluding the restricted stock awards, which are redeemable only if the bank meets certain guidelines, Moynihan was paid $1.25 million in 2010, including a salary of $950,000.

Moynihan became CEO at the start of 2010, after predecessor Ken Lewis stepped down amid controversy over his purchases of Merrill Lynch and Countrywide. Moynihan has been slimming the bank down, after years of empire-building by his predecessors.

 

2 comments

  • Oops_try_again
    Oops_try_again  •  3 months ago
    Some might argue that 5+ million in restricted stock is even too much. Thank God some it can't be exercised until 2015 at the earliest. Given the incompetency of this BoD monitoring Sr Management it seems at least someone finally took notice and is sending a message that beleaguered shareholders have long been waiting for.
  • Joe
    Joe  •  3 months ago
    Stock options are worse than cash bonuses, gives these shameless crooks incentive to take more risks, increase leverage. If their gambles pay off, they win huge cashing in their stock options, if not, so what, Taxpayers to the rescue. Why can't these bandits live off their salaries like everyone else?
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