Bloomberg/Bloomberg through Getty Photos
Financial institution of America (NYSE:BAC) Chairman and CEO Brian Moynihan’s compensation was trimmed for 2023, a 12 months through which the corporate’s web revenue declined 4%.
“The board acknowledged the corporate’s continued success in 2023 and Mr. Moynihan’s management underneath this working mannequin notably on this interval of appreciable financial uncertainty,” the corporate stated in a submitting late Friday.
His whole compensation slipped 3.3% to $29M from $30M in 2022. Moynihan’s base wage stays at $1.5M. The remainder of his pay bundle consisted of time-based restricted inventory items and efficiency RSUs. As in line with earlier years, there was no money bonus.
His 2023 fairness incentive awarded by the board is $27.3M, comprised 30% of cash-settled RSUs that can vest over the subsequent 12 months; 20% of stock-settled RSUs that can vest yearly over the subsequent 4 years; and 50% of efficiency RSUs that shall be re-earned provided that Financial institution of America’s (BAC) future monetary efficiency meets specified requirements.
Throughout 2023, Financial institution of America’s web revenue was diminished by two notable expenses — a $2.1B pretax cost for the FDIC particular evaluation and a $1.6B pretax cost for the cessation of the Bloomberg Brief-Time period Financial institution Yield Index. Excluding the costs, 2023 earnings would have elevated by 6%.
