February 17, 2015 / 11:59 PM / in 3 years

BofA chief Moynihan's pay cut 7 percent to $13 million: source

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.

Bank of America CEO Brian Moynihan looks on during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below