Bank of America CEO Moynihan’s pay falls more than 7% in 2020

2020 World Economic Forum in Davos
FILE PHOTO: Chairman and CEO of Bank of America Brian T. Moynihan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse

February 15, 2021

By Imani Moise and Noor Zainab Hussain

(Reuters) – Bank of America Corp Chief Executive Officer Brian Moynihan’s annual pay fell by about $2 million, or 7.5%, in 2020, a regulatory filing showed on Friday.

Moynihan will receive $24.5 million for his work during the year, compared with $26.5 million in 2019, the bank said. His base salary was held flat at $1.5 million and the remainder was made up of incentive compensation.

Profit tumbled 35% last year as the bank set aside billions of dollars in reserves for pandemic-fueled bad loans and low interested rates crimped revenue.

Earlier this year, Wells Fargo said CEO Charlie Scharf’s pay dropped 12% in 2020 while Goldman Sachs CEO David Solomon’s tumbled by 36%. JPMorgan Chase & Co held CEO Jamie Dimon’s annual pay flat.

Morgan Stanley’s top boss James Gorman say his pay jump 20%.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni and Alistair Bell)