Bank of America Corp. boosted Chief Executive Officer Brian T. Moynihan's compensation 17 percent to $14 million for last year as profit more than doubled.
Moynihan got about $12.5 million in stock grants for 2013, according to a filing today to the U.S. Securities and Exchange Commission. The bank last year set his salary at $1.5 million, effective that February, compared with $950,000 in previous years. He didn't get a cash bonus, said a person with direct knowledge of the matter, who asked not to be named because the CEO's full package hasn't been announced yet by the Charlotte, North Carolina-based firm.
Moynihan, 54, has spent his four years atop the nation's second-largest bank resolving disputes tied to shoddy home loans and foreclosures, most of them rooted in his predecessor's 2008 takeover of Countrywide Financial Corp. The turnaround gained speed last year as mortgage costs subsided, revenue steadied and the stock climbed 34 percent.
Annual profit rose to $11.4 billion in 2013 from $4.2 billion. Expenses declined 4 percent while revenue slid less than 1 percent.
The board's compensation committee is led by Monica C. Lozano, the CEO of Impremedia LLC, the Spanish-language news and information firm based in Brooklyn, New York.
In previous years, Bank of America has paid co-Chief Operating Officer Thomas K. Montag, 57, more than Moynihan, his boss. Montag, who runs investment banking and trading, joined Bank of America during its 2009 takeover of Merrill Lynch & Co. He had been Goldman Sachs Group Inc.'s head of trading.
Montag's compensation reached $14.5 million for 2012. His total pay typically isn't disclosed until the firms' proxy filing is released later in the year.
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon, 57, got a 74 percent raise to $20 million for 2013. His New York-based bank is the biggest in the U.S.
Goldman Sachs Group Inc. CEO Lloyd C. Blankfein, the highest-paid head of a U.S. bank for 2012, saw his bonus increase 11 percent to $21 million. Including an additional long-term incentive, Blankfein's total compensation a year ago amounted to $26 million, the most since he set a Wall Street pay record of $68.5 in 2007.
Morgan Stanley, the sixth-largest U.S. bank by assets, paid 55-year-old Chairman and CEO James Gorman $5.1 million in stock for 2013, almost double his award a year earlier. The New York-based firm hasn't yet disclosed his cash bonus and long-term incentives.