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Bank of America CEO Moynihan's pay falls to $29 million in 2023

Published 02/02/2024, 04:48 PM
Updated 02/02/2024, 04:50 PM
© Reuters. Bank of America Chairman and CEO Brian Thomas Moynihan speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. REUTERS/Evelyn Hockstein/File

By Saeed Azhar and Manya Saini

NEW YORK (Reuters) - Bank of America cut compensation for CEO Brian Moynihan by 3.3% to $29 million for 2023 after its annual profit fell 4%, the lender said in a filing on Friday.That compares with Moynihan's pay of $30 million for 2022.

By contrast, rival JPMorgan Chase (NYSE:JPM) gave CEO Jamie Dimon a 4% pay increase to $36 million for 2023, while Morgan Stanley awarded Executive Chairman James Gorman a 17% bump to $37 million in his last year as CEO.

Bank of America's board cited Moynihan's leadership and the company's success during "a period of considerable economic uncertainty" as factors behind its decision.

The third-largest U.S. lender's profit shrank in the fourth quarter, hurt by $3.7 billion in one-off charges and a slide in interest income as it paid more to hold on to customer deposits.

Still, its executives expressed optimism about the U.S. economic outlook, citing resiliency among consumers.

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