BofA CEO gets a pay cut

AP News
Posted: Feb 17, 2012 6:52 PM
BofA CEO gets a pay cut

Bank of America's chief executive is taking a pay cut.

Brian Moynihan will be eligible for up to $5.9 million in restricted stock for his 2011 bonus, according to a regulatory filing the bank made Friday. That would be 35 percent less than the $9.05 million in restricted stock awards that he was eligible for in 2010.

Excluding the restricted stock awards, which are redeemable only if the bank meets certain guidelines, Moynihan was paid $1.25 million in 2010, including a salary of $950,000.

Moynihan became CEO at the start of 2010, after predecessor Ken Lewis stepped down amid controversy over his purchases of Merrill Lynch and Countrywide. Moynihan has been slimming the bank down, after years of empire-building by his predecessors.