Bank of America CEO compensation rises to $32 million
Bank of America Corp. CEO Brian T. Moynihan received a 31% boost in pay to $32 million in 2022, up from $24.5 million in the prior year, according to a Friday filing. Moynihan's base pay remained at $1.5 million, with an additional $30.5 million in equity incentive awards. The incentive is comprised of 30% cash-settled restricted stock units (RSUs) that will vest over the next 12 months, 20% stock-settled RSUs that will vest annually over the next four years, and 50% performance RSUs that will be re-earned only if Bank of America's future financial performance meets benchmarks. Bank of America said that the bank earned a record $32 billion last year. Among its other employees, Bank of America is paying $1 billion in restricted stock in addition to regular pay, plus it boosted its minimum wage to $25 an hour by 2025 up from $21 per hour in 2021. Bank of America shares are up 8.5% so far in 2022, compared to a drop of 5.6% by the S&P 500.
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