Bank of America boosted CEO Brian Moynihan's pay to $35 million for 2024, a year in which the second-largest U.S. bank boosted its earnings.
The board granted Moynihan a $1.5 million salary — unchanged from last year — and $33.5 million of performance-based incentive compensation, according to a regulatory filing. A year ago, Moynihan's compensation was cut 3% to $29 million after profits fell and the firm's shares performed the worst among its biggest rivals.
Moynihan's new pay package follows a year in which Bank of America reported net income of $27.1 billion, up 2.3% from 2023. The Charlotte, North Carolina-based lender is intent on increasing revenue while also investing in its franchise, spending more on people and technology, including artificial intelligence.
READ MORE:
JPMorgan boosts Dimon's pay to $39M after record profit
Goldman gives CEO Solomon $80M to stay put, raises pay by 26%
Merrill shrugs off decline in new households as an anomaly
Wells Fargo lifts CEO Scharf's pay to $31.2M
In setting Moynihan's pay, the bank said its board acknowledged his leadership and "continued success delivering responsible growth in 2024." They also referenced the company's share price which improved 30% during the year, according to the filing.
Moynihan, one of the longest-serving heads of a large U.S. bank, has signaled his interest in staying on for years to come. The 65-year-old CEO steered the lender through the pandemic after taking the helm 15 years ago in the wake of the global financial crisis.
Bank of America's larger rival, JPMorgan Chase, increased CEO Jamie Dimon's compensation 8.3% to $39 million for 2024. Goldman Sachs Group also paid its leader, David Solomon, $39 million for his work in 2024, up 26%, in addition to granting him retention awards valued at $80 million.
