 "Bank of America")
Bank of America awarded Chief Executive Officer Brian T Moynihan $16 million for his work last year, raising his potential compensation 23 per cent.
Moynihan received $14.5 million in stock grants for 2015 and left his salary unchanged at $1.5 million, according to a regulatory filing. A year earlier, the Charlotte, North Carolina-based bank gave the CEO of the second-biggest US 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 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 per cent last year, partly by putting some of the bank's biggest legal woes behind it.
Bank of America shares slid 5.9 per cent in 2015, trailing the 3.5 per cent 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.
Executives of some other major Wall Street banks saw their compensation for 2015 reduced as they contended with missed financial targets. Morgan Stanley cut CEO James Gorman's pay last month by 6.7 per cent to $21 million, while Goldman Sachs Group reduced Chairman and CEO Lloyd C. Blankfein's by 4.2 per cent to $23 million. Jamie Dimon, chairman and CEO of JPMorgan Chase & Co, saw his pay boosted 35 per cent to $27 million.
