Bank of America Corp. (BAC) CEO Brian Moynihan got a 15% pay raise last year to $23 million, even as the company's roughly 209,000 workers saw their pay held flat on average.
Moynihan got $21.5 million of bonus stock awards in 2017 on top of his annual salary of $1.5 million, Charlotte, North Carolina-based Bank of America said Friday in a regulatory filing. The prior year, he got $20 million in total compensation.
The company noted in the filing that net income climbed 1.2% during the year to $18.23 billion and increased its quarterly dividend for shareholders by 60%. Revenue rose 4.3% to $84.6 billion, according to the firm's financial statements.
"Responsible growth produced tangible benefits for shareholders," Bank of America said.
Bank of America stock rose 1.1% to $30.08 at around 2:30 p.m. in New York.
Moynihan joins JPMorgan Chase & Co. (JPM) CEO Jamie Dimon in reaping big rewards from the Federal Reserve's interest-rate increases last year, which fattened U.S. banks' lending margins - partly because they've opted not to pass along any of the higher rates to customers in savings and other deposit accounts. They also benefited from cutting costs and holding the line on wage increases for average workers.
Bank of America's average worker compensation in 2017 was $151,125, based on the company's financial statements. That's roughly where the figure stood in 2016.
JPMorgan, based in New York, said last month that Dimon got a 5.3% raise in 2017 to $29.5 million. The average worker there also saw pay held flat in 2017, at about $123,000.