BAC Increases Moynihan’s Pay 71% to $12 Million in 2012 – MS & JPM
Northern, WI 02/20/2013 (noesisstar) – It was a day of excitement for Brian T. Moynihan, Chief Executive Officer as Bank of America Corp. (NYSE:BAC) amplified 2012 compensation to $12 million, an increment of about 70%.
In accordance to a regulatory filing yesterday, Moynihan gained $11.1 million in stock grants for 2012; this is double the amount what he received last year. For the current year the bank enhanced his base salary to $1.5 million, which was just $950,000 for the last three years.
The second-biggest U.S. lender by assets, as Bank of America Corp. (NYSE:BAC) increased its stock level to 109% in the last year’s New York Trading. Moynihan, aged 53 has invested more than $60 billion in assets to augment his capital with a target of $8 billion to have as annual expense savings.
Other bank CEO’s didn’t perform well as Moynihan as his stock proved to be the best in Dow Jones Industrial Average (INDEXDJX: DJI). JPMorgan Chase & Co (NYSE:JPM). CEO Jamie Dimon, was coerced to cut down his 2012 pay cut in half to $11.5 million. An internal review came into conclusion that he was responsible for the $6.2 billion “London Whale” trading loss. There was no change in Dimon’s $1.5 million salary but his bonus came down to $10 million in restricted shares
James Gorman, the CEO of Morgan Stanley (NYSE:MS) witnessed a compensation drop of 7.1% to $9.75 million. Goldman Sachs Group Inc. (NYSE:GS) CEO Lloyd C. Blankfein’s gained a bonus of 90% to about $19 million which also included $13.3 million in restricted stock and $5.7 million in cash.
Bank of America (NYSE:BAC) established a net income of $4.2 billion in 2012, in comparison to $1.4 billion in 2011.
Shares of Bank of America Corp. (NYSE:BAC) were up 1.33% to close at $12.18. Shares of Morgan Stanley (NYSE:MS) were up by 1.89% to close at 24.32. JPMorgan Chase & Co (NYSE:JPM) were up by 1.17% to close at $49.45.