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BofA chief Moynihan's pay cut 7 percent to $13 million: source

Bank of America CEO Brian Moynihan looks on during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith

By Peter Rudegeair

NEW YORK (Reuters) - Bank of America Corp (BAC.N) Chairman and Chief Executive Officer Brian Moynihan received a 7 percent pay cut in 2014, a source familiar with the matter said on Tuesday, as the bank's full-year profit fell 58 percent on higher legal settlements.

Moynihan's total 2014 compensation was $13 million, down from $14 million a year earlier, according to the source. He received $11.5 million in stock-based compensation, according to a regulatory filing on Tuesday, down from the $12.5 million he received for 2013.

His base salary remained unchanged at $1.5 million, said the source, who was not authorized to speak publicly about the matter.

The bank will submit a filing later this year containing Moynihan's total compensation.

(Reporting by Peter Rudegeair; Editing by Lisa Shumaker)