Bank of America, the second-biggest U.S. lender after JPMorgan, said in a regulatory filing on Friday, Feb. 8, that Moynihan got $26.5 million in total compensation for 2018.
The amount, which includes a $1.5 million salary and $25 million of "incentive awards," represents a 15% raise over prior-year levels. That's the biggest percentage increase among large U.S. banks that have disclosed their CEO pay levels for 2018.
Dimon's pay for last year, disclosed in January, was just 5.1% over 2017 levels. Goldman Sachs Group Inc. (GS) - Get Report CEO David Solomon, who took over last year, got a 9.5% raise to $23 million, while outgoing CEO Lloyd Blankfein saw a 15% decrease in total compensation to $20.5 million.
Morgan Stanley (MS) - Get Report CEO James Gorman got a 7.4% raise to $29 million. Citigroup Inc. (C) - Get Report has yet to disclose 2018 pay levels for CEO Michael Corbat, but in 2017 he got a 48% raise to $23 million.
In Friday's filing, Bank of America said Moynihan's raise was based on the record earnings reported for 2018 of $28.1 billion, four straight years of increasing revenue faster than operating expenses, "disciplined" risk management and "continuous investment in the company's employees, client products and services, as well as the communities in serves."
It's good to be the king, but Moynihan's paycheck looks to be the most improved.
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