Brian Moynihan's total compensation as chief executive officer of Bank of America Corp. declined 3% to $29 million for 2023, a year in which profit fell and the firm's shares performed the worst among its biggest rivals.
The board granted Moynihan $1.5 million in salary and $27.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said Friday in a filing.
A year ago, Moynihan's compensation was cut 6.3% to $30 million after earnings tumbled and the shares sank.
Moynihan's pay package follows a year of turmoil at several smaller lenders after rising interest rates eroded the value of their debt investments.
The climb in rates also became a drag for Bank of America, which had piled into long-dated Treasuries and mortgage bonds in years when rates were lower. Such holdings — while not an existential threat to the lender — weighed on its earnings profit.
In determining Moynihan's pay, the bank said it acknowledged the firm's "continued success in 2023 and Mr. Moynihan's leadership under this operating model particularly in this period of considerable economic uncertainty."
Compensation across Wall Street has been in sharp focus amid a global slump in dealmaking that prompted many lenders to cut jobs.
