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February 20, 2014

Bank of America Boosts CEO's Pay

Bank of America Corp. boosted Chief Executive Brian Moynihan;s salary and bonus 17% to $14 million for 2013, rewarding its top executive for a year in which the bank posted its strongest annual profit since 2007.”

“The second largest U.S. lender by assets paid its CEO $1.5 million in salary and $12.5 million in restricted shares, according to a regulatory filing Wednesday evening and a proxy statement from last year. The payout is Mr. Moynihan’s largest since he took over the Charlotte, N.C., company in 2010.”

“For 2013, Mr. Moynihan joins J.P. Morgan Chase & Co. CEO James Dimon and Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein in securing bigger pay packages than in 2012. But Mr. Moynihan’s pay package remained behind the two more tenured chief executives.”

Last month, J.P. Morgan disclosed that it had paid Mr. Dimon $20 million for 2013, a figure that included $18.5 million in stock and restored most of the pay cut he took the previous year. Meanwhile, Goldman Sachs awarded Mr. Blankfein compensation of about $23 million in salary and bonus for 2013, an increase of about 9.5% from 2012 and his highest payday since the financial crisis.

“For his work in 2012, Mr. Moynihan got $950,000 in salary and $11.1 million in restricted shares, a big raise that at the time vaulted him past Mr. Dimon in the ranks of the best-paid U.S. financial executives. He was awarded $7 million in 2011 and $10 million in 2010.”

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Read full Wall Street Journal article by Saabira Chaudhuri here.

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