Chairman and CEO of Bank of America Brian T. Moynihan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse
(Reuters) – Bank of America Corp (BAC.N) kept Chief Executive Officer Brian Moynihan’s 2019 compensation flat at $26.5 million, according a filing on Friday.
The decision was the latest sign of restraint from bank boards after a year of robust revenue growth.
For instance, Morgan Stanley’s board made the rare move of cutting CEO James Gorman’s pay 7% to $27 million for 2019 in an effort to reduce expenses. JPMorgan Chase’s board gave Chief Executive Jamie Dimon just a half-million-dollar raise.
In 2018, Moynihan was awarded a 15% increase in total compensation after Bank of America posted record profit of $28.1 billion. Total 2019 income was declined slightly due the impact of ending a joint venture during the year. Excluding that impact, profit rose to $29.1 billion, a performance that would typically prompt the board to give the CEO a raise.
In all for 2019, Moynihan earned a base salary of $1.5 million and equity incentive award of $25 million, the bank said in a filing www.sec.gov/ix?doc=/Archives/edgar/data/70858/000007085820000007/bac-2720208xk.htm .
Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi and David Gregorio