Bank of America CEO gets a bonus hike
Bank of America ($BAC) CEO Brian Moynihan engineered a 100 percent plus increase in the bank's stock in 2012, and he's now enjoying the fruits of his labor. His compensation package for the job well done includes a 926,238 shares of stock in three types of grants, including cash-settled restricted shares, restricted shares and performance shares, as reported by Reuters. It's unclear as of now what the composition of the grant is.
Moynihan also earned an additional $950,000 salary for work rendered in 2012, the same amount he received over the last 3 years. Next year, his base salary will rise to $1.5 million. It's unclear if he got a cash bonus and it's unclear if he got any options.
More details about the compensation plan will soon be revealed via filings. As it looks now, he has fared well among his peers, as his take appears larger than the likes of JPMorgan Chase CEO Jamie Dimon, Morgan Stanley CEO James Gorman though it lags Goldman Sachs CEO Lloyd Blankfein. The key is that he has to keep the stock moving north. Over his tenure, Moynihan has built up a lot of shares vie restricted grants.