Bank of America CEO Moynihan gets 31% raise to $32 million

Bank of America boosted Chief Executive Brian Moynihan’s compensation 31% to $32 million for 2021, a year in which the firm set a record for profitability. 

His package includes $1.5 million in salary and a $30.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said Friday in a filing. A year ago, Moynihan took a 7.5% pay cut to $24.5 million for 2020 amid the pandemic.  

Mark Kauzlarich/Bloomberg

Moynihan, one of the longest-serving heads of a giant U.S. bank, signaled in September his interest in staying on for years to come. The 62-year-old CEO has been steering the lender through the pandemic after taking the helm more than a decade ago in the wake of the global financial crisis.

Bank of America is fresh off its most profitable year, reporting a $32 billion in net income for 2021. The firm is boosting pay for senior bankers, and is rewarding nearly all employees with $1 billion in restricted stock on top of their regular compensation. It also raised its minimum wage to $21 in 2021 and plans to reach $25 an hour by 2025.

Wall Street compensation is surging after the pandemic sent bank profits to record highs, leaving rainmakers poised for some of the biggest paydays in more than a decade.

Goldman Sachs Group CEO David Solomon, Morgan Stanley’s James Gorman and JPMorgan Chase’s billionaire leader Jamie Dimon were each awarded about $35 million for their work last year. That’s more than any of their banks have lavished on a CEO since 2007.