BofA Lifts CEO Brian Moynihan’s Pay 31% | Stock Market News Today

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Brian Moynihan’s compensation includes $1.5 million in base pay and $30.5 million in restricted stock.



Photo:

Simon Dawson/Bloomberg News

Bank of America Corp.


BAC 3.98%

increased Chief Executive Officer

Brian Moynihan’s

pay by 31% last year after the lender posted record profits.

Mr. Moynihan earned $32 million in 2021, which includes $1.5 million in base pay and $30.5 million in restricted stock, half of which is tied to the bank’s performance over the next three years, according to a securities filing released Friday.

In 2020, the bank’s board of directors cut his pay to $24.5 million because of the impact of the Covid-19 pandemic on the bank’s performance.

Profit roared back last year after the Charlotte, N.C.-based lender released reserves set aside for loan losses, which so far haven’t materialized.

A flurry of deals drove up investment-banking revenue. Bank of America minted $32 billion in profit last year, and its stock jumped 47%.

Mr. Moynihan’s 2021 payday is his biggest since he took the helm in 2010, but still puts him behind other big-bank CEOs.

JPMorgan Chase

& Co.’s

Jamie Dimon

earned $34.5 million in 2021, while

Goldman Sachs Group Inc.’s

David Solomon

and

Morgan Stanley’s

James Gorman

each took home $35 million.

The pandemic economy has stoked a war for talent that has filtered down to the ranks at the largest lenders, prompting bigger paychecks and bonuses for bankers. Bank of America’s total compensation expenses rose to $36.14 billion in 2021, up 10% from 2020.

Write to Ben Eisen at ben.eisen@wsj.com

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