Bank Of America's Brian Moynihan Gets A Pay Cut

CHARLOTTE, N.C. (AP) — Bank of America's chief executive is taking a pay cut.

Brian Moynihan will be eligible for up to $5.9 million in restricted stock for his 2011 bonus, according to a regulatory filing the bank made Friday. That would be 35 percent less than the $9.05 million in restricted stock awards that he was eligible for in 2010.

Excluding the restricted stock awards, which are redeemable only if the bank meets certain guidelines, Moynihan was paid $1.25 million in 2010, including a salary of $950,000.

Moynihan became CEO at the start of 2010, after predecessor Ken Lewis stepped down amid controversy over his purchases of Merrill Lynch and Countrywide. Moynihan has been slimming the bank down, after years of empire-building by his predecessors.

Comments

[TUNCH]

09:36 AM on 02/21/2012

That's the most obvious headline ever on HP.

[loki]

11:28 PM on 02/20/2012

Dont get it. Under this clowns rule BoFa has become one of the most hated, worst run, largest financial disaster in recent history, but yet he is still not only at the helm of the company, but apparently praised as a business genius by his peers. Why is he even still there at all? If a regular employee was as incompetent as he has been, he would have fired them long ago. What is it with the top 1%ers in America? They all really think they are Gods and All knowing just because they got rich?


“It is amazing how complete is the delusion that wealth is goodness.”
a modification of ― Leo Tolstoy's, The Kreutzer Sonata

[mainhoon]

02:01 PM on 02/20/2012

Sick of banks and their greed. And their undeserving CEOs. I can do a better job than thesemorons.

[smo1111]

01:56 PM on 02/20/2012

Dump the big banks.............enjoy the peace of mind.

[mnwildfan]

10:21 PM on 02/19/2012

$5.9 million? How is he supposed to feed his family on that?

[HKR07]

02:38 AM on 02/20/2012

Poor guy. Will be on food stamps next week...but corporate welfare is a far more lucrative entitlement package. Can we be certain he won't blow it on strippers, slots or booze?

[MRITechnologist]

09:59 PM on 02/19/2012

Too big to fail?
More like too rich to jail.

[TheLarryB]

09:31 PM on 02/19/2012

Truly amazing that Bank of America has avoided any serious scrutiny from the mainstream media for its role in the big bankers financial blockade of WikiLeaks.

[kcin]

09:27 PM on 02/19/2012

Shouldn't he be in jail, and have massive restitution payments waiting for him when he gets out?

[HKR07]

02:40 AM on 02/20/2012

Seems like a reasonable question to me. But like Bush and Cheney, he will roam despite his crimes.

[keramos]

09:26 PM on 02/19/2012

No jail time?

[sillylittleme]

09:01 PM on 02/19/2012

The former head of the Bank of Boston, an institution that had been around for around two hundred years (in some form or other), should take a flying leap. FYI, bet you can guess who Bank of Boston merged with...

[beau taylor]

08:55 PM on 02/19/2012

I have a cut for him but it probably goes a lot lower than he'd like...

[rickymsmith]

08:43 PM on 02/19/2012

They should all get big pay cuts so they don't have to worry about paying so much in taxes. Are they really worth 700x what the average worker gets paid?

[beau taylor]

08:56 PM on 02/19/2012

Effe NO!

[AskandThink]

09:02 PM on 02/19/2012

Old saying: How do you get the fat lady out of spandex?

Take the A out of cat and the F out of weigh….
; )

[Artamentous]

08:17 PM on 02/19/2012

5.9 million for managing our collective wealth, bravo, I'm sure it's real hard.

[beau taylor]

08:59 PM on 02/19/2012

There's some in the Pros that make that amount and blow it, but at least they put it back into the economy, instead of an offshore bank account.

[Vapula]

07:50 PM on 02/19/2012

Wow he's a pauper isn't he? Not.

[ur2nutty4me]

07:42 PM on 02/19/2012

I know something else that should be cut from him......

[beau taylor]

09:01 PM on 02/19/2012

That's in my first comment :) f&f