BofA Chief Gets 15% Raise -- WSJ
10 Febbraio 2018 - 9:02AM
Dow Jones News
By Rachel Louise Ensign
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (February 10, 2018).
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 10, 2018 02:47 ET (07:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Grafico Azioni Bank of America (NYSE:BAC)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Bank of America (NYSE:BAC)
Storico
Da Apr 2023 a Apr 2024