Bank of America CEO’s 2022 compensation dips to $30 million, new filing shows

Bank of America CEO Brian Moynihan’s total compensation decreased by 6% for 2022, according to a recent securities filing from the Charlotte-based bank.

The bank’s board approved $30 million in total compensation for Moynihan last year, compared to $32 million in 2021. The filing didn’t provide a specific reason for the decrease.

In 2021, Moynihan’s compensation increased by 31% as Bank of America reaped record profits and the stock price soared. But a worsening economic outlook helped drag the bank’s stock back down last year — share prices fell 26% in 2022.

That decrease “reflect(ed) weakened investor sentiment given geopolitical tensions and recessionary fears,” the filing said.

On Monday morning, Bank of America’s stock was trading at $36.05.

Despite the pay dip, the board said in the filing that it acknowledged both the bank’s “continued success” last year and Moynihan’s leadership, particularly in a period of economic uncertainty.

Moynihan’s pay package for 2022 includes a $1.5 million base salary and $28.5 million in stock awards. Similar to prior years, he didn’t receive a cash bonus, the filing said.

Moynihan’s compensation over the years

Moynihan’s compensation, as authorized by the Bank of America board, has doubled since he took over as CEO in 2010. As some stock bonuses depend on meeting performance goals over multiple years, Moynihan’s actual take-home may differ from what the board awarded him.

Bank of America’s stock price has increased significantly during Moynihan’s tenure. On Dec. 31, 2009, it was trading at $15.06 a share.

The bank is one of Charlotte’s largest employers, with more than 18,000 workers in the region. It’s also the second-largest bank in the country, with $2.41 trillion in assets.

This story was originally published February 6, 2023 1:04 PM.