Bank of America CEO gets 89% boost in compensation package

Brian Moynihan may not be among the highest-paid banking CEOs, but his 2013 compensation package rose more sharply than the rest.

Moynihan's compensation jumped 89% to $14 million from $7.4 million in 2012, according to the company's annual proxy. That includes stock valued at $11.1 million, up from $5.9 million in 2012, and a 58% salary bump, to $1.5 million. Moynihan, 54, gained another $4.6 million from vested shares, the company says.

The disclosures come a day after Bank of America said it would pay $9.3 billion to settle lawsuits stemming from the 2008 financial crisis. Separately, Bank of America and former CEO Kenneth Lewis reached a $25 million settlement to end an investigation the 2008 acquisition of Merrill Lynch. Lewis - who Moynihan replaced in 2010 - will also be prohibited from serving as an officer at any publicly held companies for three years.

BofA, the nation's second-largest bank, was among the last major financial institutions to report 2013 CEO pay. Among rivals:

JPMorgan's Jamie Dimon received $20 million, up 74% from 2012.

Wells Fargo's John Stumpf got $19.3 million - virtually unchanged from 2012 - but hauled in $59 million from vested shares and stock options.

Citigroup CEO Michael Corbat got $17.6 million, up 42%, plus $2 million from vested shares.

Goldman Sachs' Lloyd Blankfein got about $23 million, up 10%.

Capital One's Richard Fairbank received $18.2 million, down 19%, but gained more than 23 million from vested shares and previously issued stock options.

Bank stocks enjoyed heady gains in 2013. Bank of America said total shareholder return was up 34% last year, matching Capital One. Among others, Wells Fargo's TSR rose 37%, JP Morgan Chase rose 36%, Citigroup gained 32% and Goldman Sachs climbed 40.6%.


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