JPMorgan Chase & Co. (JPM) CEO Jamie Dimon may be king of Wall Street, with $31 million of total 2018 pay that was the most among chiefs of the biggest U.S. banks.
But Bank of America Corp. (BAC) CEO Brian Moynihan may prefer to compare the size of his raise.
Bank of America, the second-biggest U.S. lender after JPMorgan, got $26.5 million in total compensation for 2018, according to a regulatory filing on Friday, Feb. 8.
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) 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.
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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