(Reuters) - Bank of America Corp's
The $12.1 million pay package likely means that Moynihan was one of the best paid CEO's on Wall Street in 2012, thanks in part to compensation cuts for rivals. Moynihan's base salary for 2013 also is due to rise by more than 55 percent, a person familiar with the situation said.
Analysts have said that Bank of America has not fully moved past the financial crisis. Still wrestling with losses from the bank's 2008 Countrywide Financial acquisition, Moynihan is under pressure to show the bank can increase earnings at a time of low interest rates and tighter regulations.
Moynihan received 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing on Tuesday.
In 2012 Moynihan earned a $950,000 in salary but received no cash bonus, similar to 2011, the source said. The CEO's 2013 salary will increase to $1.5 million, the person said.
The stock grants for 2012 were worth $11.1 million at the closing price of $12.03 on Friday, the date they were awarded. Moynihan received grants worth about $6.1 million for 2011.
Bank of America's shares rose 109 percent in 2012, the best performance among stocks in the Dow Jones Industrial Average, as investors grew confident it had the capital it needed to meet new international guidelines.
Moynihan's pay rose in a year in which other bank executives were not so fortunate. Morgan Stanley
Moynihan made more than Dimon, even though his bank posted net income of $4.2 billion in 2012, compared to $21.3 billion for JPMorgan.
Bank of America's filings disclose only the stock portion of pay for Moynihan and other top executives in 2012. More details will be provided in the annual proxy filing this spring.
Moynihan's grants included 277,871 shares that will be paid out on a monthly basis in cash over the next year and 185,248 restricted shares that vest over three years. Half of the remaining 463,119 performance-based shares will vest if the company meets return on asset goals, and the other half will vest if the company meets goals for growth in adjusted tangible book value, both over a three-year period.
In 2011, the bank granted performance-based shares tied only to return on assets, a measure of profits compared to total assets.
The bank needed to reach a minimum return on assets of 0.5 percent over a four-quarter period by the end of 2015 to pay out at least partially. The bank's return on assets in 2012 was 0.19 percent, up from 0.06 percent in 2011.
The bank's tangible book value per share of common stock grew to $13.36 in the fourth quarter of 2012 from $12.95 a year earlier as the bank built capital. Tuesday's filings did not disclose the performance-based goals for the shares.
The bank also awarded restricted and performance-based shares worth nearly $30 million to six other top executives, according to the filings.
Tom Montag, the co-chief operating officer who runs global markets and banking businesses, received shares worth $8.3 million, the most of the six but less than Moynihan. In some years, Montag has made more than his boss. David Darnell, co-chief operating officer for consumer businesses and wealth management, received shares worth $5.2 million.
(The story corrects share numbers in 11th paragraph.)
(Reporting By Rick Rothacker in Charlotte, North Carolina and Ben Berkowitz in New York; Editing by Gary Hill, Andre Grenon and Leslie Gevirtz)
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.