Bank of America Hikes CEO Brian Moynihan's Pay by 21% to $35 Million for 2024
Bank of America Corporation (BAC) has announced a significant increase in compensation for its Chief Executive Officer, Brian Moynihan. According to a recent filing, Moynihan's salary will increase by approximately 21% to $35 million for the year 2024. This represents a notable rise from his 2023 compensation of $29 million.
The decision to increase Moynihan's pay comes after a successful year for Bank of America. In the fourth quarter of 2023, the financial institution reported better-than-expected profits, driven by strong performance in its trading operations. The company has also predicted a rise in interest income in 2025.
Additionally, Bank of America is awarding stock to the majority of its global employees for the eighth time since 2017. This follows the second-largest U.S. lender's strong financial results in 2024.
Furthermore, Reuters reported that Bank of America's bonus pool for investment bankers is likely to increase by 10% compared to the previous year.