Bank of America Corp., the second- biggest U.S. lender, gave Chief Executive Officer Brian T. Moynihan about $12 million in total compensation for 2012 and will boost his salary 58 percent this year.
Moynihan will be paid $1.5 million in salary for 2013, compared with $950,000 for each of the previous two years, according to a person briefed on the matter.
For last year, Moynihan received an $11.1 million stock grant, according to a regulatory filing today. That almost doubled the amount he got for 2011. Moynihan didn't get a cash incentive for 2012, said the person, who asked for anonymity because the full value of the pay package hasn't been made public yet.
Bank of America rose 109 percent last year in New York trading, the first annual gain of Moynihan's three-year tenure, as capital levels improved and the firm settled mortgage disputes. Moynihan, 53, has sold more than $60 billion in assets to boost capital and targeted $8 billion in annual expense savings by 2015.
