Bank of America awarded Chief Executive Officer Brian Moynihan $16 million for his work last year, raising his compensation 23%.
Moynihan received $14.5 million in stock grants for 2015 and left his salary unchanged at $1.5 million, according to a regulatory filing Friday. A year earlier the Charlotte, N.C., bank gave the CEO of the second-biggest U.S. bank a $13 million pay package.
Moynihan, 56, survived a battle with investors in 2015 over whether he should be stripped of his role as chairman as the bank's stock lagged behind its peers. The company also wrangled with regulators, as it was forced to resubmit its capital plan under the Federal Reserve's annual stress test. Moynihan slashed expenses 24% last year, partly by putting some of the bank's biggest legal woes behind it.
Bank of America shares slid 5.9% in 2015, trailing the 3.5% drop of the 90-company Standard & Poor's 500 Financials Index.
Half of what the bank granted Moynihan for 2015 is in the form of stock linked to performance over a three-year period through 2018, according to the filing. For Moynihan to receive the full value, Bank of America must meet "growth goals" for return on assets and adjustable tangible book value during those years.