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UPDATE 1-Bank of America CEO Moynihan's pay falls more than 7% in 2020

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Imani Moise and Noor Zainab Hussain
·1 min read
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(Adds details from filing and context)

By Imani Moise and Noor Zainab Hussain

Feb 12 (Reuters) - Bank of America Corp ChiefExecutive Officer Brian Moynihan's annual pay fell by about $2million, or 7.5%, in 2020, a regulatory filing showed on Friday.

Moynihan will receive $24.5 million for his work during theyear, compared with $26.5 million in 2019, the bank said. Hisbase salary was held flat at $1.5 million and the remainder wasmade up of incentive compensation. https://bit.ly/3admuZO

Profit tumbled 35% last year as the bank set aside billionsof dollars in reserves for pandemic-fueled bad loans and lowinterested rates crimped revenue.

Earlier this year, Wells Fargo said CEO Charlie Scharf's paydropped 12% in 2020 while Goldman Sachs CEO David Solomon’stumbled by 36%. JPMorgan Chase & Co held CEO Jamie Dimon’sannual pay flat.

Morgan Stanley’s top boss James Gorman say his pay jump 20%.(Reporting by Noor Zainab Hussain in Bengaluru; Editing byAditya Soni and Alistair Bell)