BofA trims CEO Moynihan's pay to $30 million as Wall Street curbs compensation
Reuters
Published Feb 03, 2023 04:56PM ET
Updated Feb 03, 2023 05:51PM ET
NEW YORK (Reuters) -Bank of America Corp reduced compensation for Chief Executive Officer Brian Moynihan by roughly 6% to $30 million for 2022, the lender said in a filing on Friday.
Moynihan's pay included a base salary of $1.5 million and restricted stock. Moynihan was paid $32 million for 2021.
In deciding his compensation, the bank's board cited the executive's leadership in a period of "considerable economic uncertainty." Bank of America (NYSE:BAC)'s net income dropped 14% to $27.5 billion in 2022 from a year earlier.
U.S. lending giants have cut or frozen pay for their top executives in recent weeks, citing challenging economic and business conditions. They have also reported shrinking profit and set aside rainy-day funds to prepare for a possible recession.
Goldman Sachs Group Inc (NYSE:GS) slashed compensation for CEO David Solomon by 29% to $25 million for 2022, while his counterpart at Morgan Stanley (NYSE:MS), James Gorman, got a 10% pay cut to $31.5 million. At JPMorgan Chase & Co (NYSE:JPM), Jamie Dimon's compensation was held steady at $34.5 million.
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Written By: Reuters
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