Bank of America Corp reduced compensation for Chief Executive Officer Brian Moynihan by roughly 6% to $30 million for 2022, the lender said in a filing on Friday.
Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on "Annual Oversight of the Nation's Largest Banks", on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn Hocksteinreduced compensation for Chief Executive Officer Brian Moynihan by roughly 6% to $30 million for 2022, the lender said in a filing on Friday.
Moynihan's pay included a base salary of $1.5 million and restricted stock. Moynihan was paid $32 million for 2021. In deciding his compensation, the bank's board cited the executive's leadership in a period of "considerable economic uncertainty." Bank of America's net income dropped 14% to $27.5 billion in 2022 from a year earlier.
U.S. lending giants have cut or frozen pay for their top executives in recent weeks, citing challenging economic and business conditions. They have also reported
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