Bank of America Chief Operating Officer Thomas K. Montag was paid less than Chief Executive Officer Brian T. Moynihan for the first time. Montag was awarded $15.5 million for 2015, compared with Moynihan's $16 million.
Montag's compensation, an 11 percent increase from a year earlier, included $8.7 million in stock, a $5.8 million cash bonus and a $1 million salary, the Charlotte, North Carolina-based bank said Thursday in a filing.
Montag, 59, is the former Goldman Sachs Group Inc. trading head who runs Bank of America's investment banking and markets divisions. He was the firm's highest-compensated employee in the previous five years as the lender leaned on his operations to support earnings while spending more than $60 billion to settle mortgage disputes. Montag joined with the 2009 takeover of Merrill Lynch & Co.
Bank of America boosted Moynihan's compensation 23 percent for last year, according to a February filing. The increase came after the CEO survived a battle with investors over whether he should be stripped of his role as chairman as the bank's stock lagged behind peers. Moynihan, 56, slashed expenses 24 percent last year, partly by putting some of the bank's biggest legal woes behind it.