BANK of America boss Brian Moynihan's pay increased 73 per cent to $12.1m (£7.8m) in 2012 from the previous year, as the bank gave him a bigger package of stock awards.
The second-largest US bank gave Moynihan 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing last night.
Moynihan earned a $950,000 salary in 2012, but received no cash bonus, similar to 2011, a person familiar with the situation said. His 2013 salary will increase to $1.5m, the person said.
The stock grants for 2012 were worth $11.1m at the closing price of $12.03 on Friday, the date they were awarded. Moynihan received grants worth about $6.1m for 2011.
Bank of America’s shares rose 109 per cent in 2012, the best performance among stocks in the Dow Jones Industrial Average, as investors grew confident it had the capital it needed to meet new rules.
Moynihan, however, is still wrestling with losses from BAML’s 2008 purchase of Countrywide Financial and is under pressure to show the bank can grow earnings.
City A.M. Reporter