The Miami Entrepreneur

: Bank of America trims CEO Moynihan’s pay by about 6% to $30 million

Bank of America Corp. BAC said in a filing late Friday that its board has approved a 6.3% cut on Chief Executive Officer Brian Moynihan’s pay in 2022. Moynihan receives $30 million, compared with a 2021 total compensation of $32 million, the bank said. The board “acknowledged the company’s continued success in 2022 and Mr. Moynihan’s leadership under this operating model particularly in this period of considerable economic uncertainty,” the bank said in a SEC filing. Bank of America notched a $27.5 billion profit in 2022, the third highest net-income performance in the company’s history, it said. Its stock fell 26% in the year, reflecting “weakened investor sentiment given geopolitical tensions and recessionary fears.” Last week, a similar filing from Goldman Sachs Group Inc. GS revealed a 30% pay cut for Goldman’s Chief Executive David Solomon, and earlier last month JPMorgan Chase & Co JPM said it cut special awards paid to Chief Executive Jamie Dimon but kept his pay the same as it was in 2021.

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