BofA Said to Freeze Moynihan’s Salary

BofA Said to Freeze Moynihan’s Salary as Stock Awards Decline

Bank of America Corp. cut Chief Executive Officer Brian T. Moynihan’s compensation for 2011, granting him no cash bonus and freezing his salary, said a person briefed on the executive’s awards.

The bank is holding Moynihan’s salary at $950,000, said the person, who spoke on condition of anonymity because the Charlotte, North Carolina-based bank hasn’t yet announced his pay package. It gave him $5.9 million in restricted stock units, mostly linked to future performance, the firm said yesterday in a filing. For 2010, the grant had surpassed $9 million.

Bank of America, the second-biggest U.S. lender, plunged 58 percent in New York trading last year as Moynihan sold $33 billion in assets and announced 30,000 job cuts amid stagnant revenue and rising costs from defective mortgages. The stock has climbed 44 percent this year, the best performance in the 30- company Dow Jones Industrial Average (INDU), on optimism that the firm will benefit as the U.S. economy improves.

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Comments
2 Responses to “BofA Said to Freeze Moynihan’s Salary”
  1. Ron Moss says:

    What Salary? Why does he even have a salary?

  2. Wake Up America! says:

    This story says my pay will freeze
    Just like the people whose homes I sieze
    Unlike you, I’m not out of “options”
    or put my pet up for adotion
    Can I offer you cash for keys?

    Brian M.

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