Bank of America Chief to Receive $23 Million for 2017, a 15% Increase
09 Febbraio 2018 - 06:14PM
Dow Jones News
By Rachel Louise Ensign
Bank of America Corp. Chief Executive Brian Moynihan is set to
receive a 15% bump in pay for 2017, a year in which the bank hit
new profit milestones.
Mr. Moynihan is expected to receive total compensation of $23
million for 2017, his biggest pay package since becoming chief
executive more than eight years ago, according to a regulatory
filing the bank made Friday. He received $20 million for 2016.
The 2017 package for Mr. Moynihan includes $21.5 million of
restricted stock. To get the full value of the award, Mr. Moynihan
and the bank will have to meet certain performance metrics. Mr.
Moynihan also will receive $1.5 million in salary, the same as the
previous year. He doesn't get a cash bonus.
Bank of America's stock has rallied since the 2016 presidential
election set off both a stock-market and bank-stock rally. Though
the share price has slipped during the recent market selloff, it is
still up 30% in the last 12 months, the best of the big banks.
For 2017, the bank posted a $21.1 billion profit, excluding
charges tied to the recently passed tax bill. That roughly matched
the bank's all-time profit record from 2006, when it was a simpler
consumer-focused firm that hadn't yet bought ailing mortgage lender
Countrywide Financial Corp. or investment bank Merrill Lynch &
Co.
Bank executives say the 2018 outlook is bright. That is because
the one-time hit from the tax bill is in the past and expected to
be outweighed by the law's longer-term benefits.
Fellow big-bank Chief Executive James Dimon, who leads JPMorgan
Chase & Co., also got a raise for 2017. Last month, that bank
said Mr. Dimon received a compensation package valued at $29.5
million in 2017, up 5.4% -- or $1.5 million -- from 2016.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
(END) Dow Jones Newswires
February 09, 2018 11:59 ET (16:59 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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