NEW YORK (Reuters) - Bank of America Corp BAC.N Chairman and Chief Executive Officer Brian Moynihan received a 7 percent pay cut in 2014, a source familiar with the matter said on Tuesday, as the bank’s full-year profit fell 58 percent on higher legal settlements.
Moynihan’s total 2014 compensation was $13 million, down from $14 million a year earlier, according to the source. He received $11.5 million in stock-based compensation, according to a regulatory filing on Tuesday, down from the $12.5 million he received for 2013.
His base salary remained unchanged at $1.5 million, said the source, who was not authorized to speak publicly about the matter.
The bank will submit a filing later this year containing Moynihan’s total compensation.
Reporting by Peter Rudegeair; Editing by Lisa Shumaker