NEW YORK (
Bank of America's
stock may be down 11% over the past 52 weeks but its executives are still being paid pretty handsomely.
While President and CEO Brian Moynihan didn't receive a raise in his base salary or any cash-settled stock units, which are payable in cash based on the share price over the course of the year, he was granted $9.05 million in restricted stock units that are contingent on the bank meeting certain performance goals over the next five years.
Other top executives at the bank -- Chief Financial Officer Charles Noski; Joe Price, president of consumer and small business banking; and Thomas Montag, president of global banking and markets -- all received raises to their base salaries, according to a Form 8-K filing with the
Securities and Exchange Commission
, to $850,000 from $800,000.
The trio also each received $900,000 in cash-settled stock units. As for restricted stock units, Noski and Price were each granted $4.8 million worth of the units, while Montag stands to reap the biggest windfall, getting $14.3 million worth of units. None of the executives received straight cash bonuses.
The bank said the compensation policy reflected its recognition of "2010 as a unique and critical transition year for the company, and their evaluation of the performance of the company, its lines of business and individual executive officers." Bank of America also said it plans to enter to cash-settled hedging transactions related to $1.3 billion worth of restricted stock units it expects to award to "certain associates" in the first quarter as part of their year-end compensation.
Bank of America's stock finished Monday's regular session at $13.73, up 13 cents. The shares have seen 2% bounce since the start of 2011 but are down 31% since hitting a 52-week high of $19.86 on April 15.
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.