Bank of America Cuts Moynihan Pay 3% to $29 Million for 2023

Brian Moynihan’s total compensation as chief executive officer of Bank of America Corp. declined 3% to $29 million for 2023, a year in which profit fell and the firm’s shares performed the worst among its biggest rivals.

The board granted Moynihan $1.5 million in salary and $27.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said Friday in a filing. A year ago, Moynihan’s compensation was cut 6.3% to $30 million after earnings tumbled and the shares sank.

WATCH: Katherine Doherty reports on Bank of America cutting CEO Brian Moynihan’s pay.

Source: Bloomberg

Moynihan’s pay package follows a year of turmoil at several smaller lenders after rising interest rates eroded the ...