Bank of America boosted Chief Executive Officer Brian Moynihan's compensation to $23 million for 2017, a 15 percent increase from a year earlier.

Moynihan, 58, received $21.5 million in stock grants and a $1.5 million salary, the Charlotte, North Carolina-based lender said Friday in a regulatory filing.

Brian Moynihan, CEO of Bank of America.
Brian Moynihan, CEO of Bank of America. Bloomberg News

Half of the equity awards are linked to performance over three years. The rest includes restricted stock units that vest regardless of performance and others that settle in cash within one year. He hasn't received a cash bonus since 2007.

Moynihan has sought to trim costs and boost profits after years of grappling with legal and regulatory headaches stemming from the financial crisis. In 2017, expenses fell 1 percent and profit increased 3 percent.

Shares of the lender, the second-biggest in the U.S. by assets, rose 34 percent last year, outpacing the 16 percent advance for the 24-company KBW Bank Index.

JPMorgan Chase CEO Jamie Dimon got $29.5 million for last year, a 5.4 percent increase, while Morgan Stanley lifted CEO James Gorman's compensation 20 percent to $27 million.

Bloomberg News