Bank Of America CEO In Line For Smaller Bonus

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.

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  • by Carl Kolchack Location: Pitt County on Feb 18, 2012 at 05:54 AM
    lmao, BOA was proposing a $5.00 ATM fee for it's customers while their CEO is in line for a 5.9 million dollar bonus...why are folks still banking with them. I'm lucky enough to belong to the State Employee's Credit Union, if I couldn't bank with them I would use a small local bank. If BOA wants to give their CEO a bonus that's up to them, but I don't understand why average folks continue to do business with them.
    • reply
      by Barlow on Feb 18, 2012 at 09:54 AM in reply to Carl Kolchack
      I have been banking with a local credit union for years. I admit it is not always as convenient as the big banks, but the service is better and I will go out of my way everytime to avoid a thief.
  • by ted Location: jacksonville on Feb 18, 2012 at 04:50 AM
    I pulled my money out about five months ago & have made more in that time than I did in a year with BOA. I had been with them at least 26 years .It was the best decision I have made in a long time .
  • by Anon on Feb 17, 2012 at 10:17 PM
    This IS sad. He runs one of the largest corporations in the world, outworked thousands of others to reach that spot, and relatively speaking, his pay is light...primarily due to legacy issues from the era of his predecessor. I don't feel bad for him but some of these comments reveal little more than jealousy.
    • reply
      by REM on Feb 18, 2012 at 11:21 AM in reply to Anon
      Exactly. Most people are jealous/covetous of others, especially the financially well off. In fact, the majority of people out there don't even have the slightest clue how difficult the job of a CEO can be, and why they are paid so much. In the end, if you don't like it, then move your money to a non-profit credit union. But like many things, people will always complain without taking action.
  • by Carol Location: NC on Feb 17, 2012 at 09:57 PM
    Bank Of America - How much of the Obama's Bank of America Shares of Stock the Obama's own?
    • reply
      by LSD on Feb 18, 2012 at 03:51 AM in reply to Carol
      Huh? Would you clarify your question, please?
  • by Anthony on Feb 17, 2012 at 09:33 PM
    This is exactly what boils my blood. He gets a "smaller" bonus and average joe is supposed to care? I am all for people having success and everyone would love a bonus but these bonuses are crazy...considering all the raping that goes on during the year to the customers of these banks. They can say what they want but all those "fees" end up somewhere, right?
  • by Shawn M. Carter Location: Afghanistan on Feb 17, 2012 at 09:14 PM
    Ok is the CEO is making that kind of money for just his salary let alone the Bonuses each year. Why are we the customer having to pay more to use one of their credit cards? The prices go up, they get more money and we have to suffer and pay more just to get our money from an ATM machine. I'm thinking if they put "OUR" money back into the banking system then Banks wouldn't have to ask for bail outs every other year when the economy is down!!!!!!!!!!!!
  • by Steve Location: Ayden on Feb 17, 2012 at 07:48 PM
    It is nobodys business what this guy makes. If you are concerned at all you are just jealous.
    • reply
      by Anonymous on Feb 20, 2012 at 09:54 AM in reply to Steve
      Wasn't BOA bailed out with tax-payer money? I think it is my business if the CEO is drawing a welfare check. Not to mention, it's the business of any investor in the company and any customer of the business.
  • by Anonymous on Feb 17, 2012 at 07:45 PM
    I own bac stock, he needs to give back what he was paid.
    • reply
      by 40some on Feb 18, 2012 at 10:56 AM in reply to
      You'll know what I'm talking about then. Don't buy any exxon anytime soon.
  • by Obama Sucks on Feb 17, 2012 at 07:42 PM
    More evidence of how bad things have become under the Obama regime. This is just terrible. It has to stop people.
    • reply
      by Anonymous on Feb 18, 2012 at 06:42 AM in reply to Obama Sucks
      Dear Sucks, Obama has nothing to do with how much this CEO makes. Thanks your republican friends.
  • by Anon on Feb 17, 2012 at 07:37 PM
    Boohooo. Need a Kleenex?
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