BofA CEO Takes Pay Cut |
| Wall Street Journal - Feb 18, 2012 |
Bank of America Corp. Chief Executive Brian Moynihan took a steep pay cut for 2011, a year in which the company relinquished its crown as the nation's biggest bank by assets and its shares posted the steepest decline in the Dow Jones Industrial Average.
Mr. Moynihan can earn up to $5.9 million in restricted stock for his 2011 bonus, the Charlotte, N.C., company said in a Securities and Exchange Commission filing Friday. The bonus represents a 35% drop from 2010 levels.
The 52-year-old executive won't get a raise on his $950,000 annual salary or a cash bonus, according to a person familiar with the matter.
Bank of America suffered a series of setbacks in 2011, including a Federal Reserve rejection of a dividend raise that Mr. Moynihan had all but promised to shareholders. The bank also suffered a black eye when it set, then withdrew, a $5 monthly debit-card purchase fee.
Read Full Article from Wall Street Journal
- Posted: 2012-02-18 22:01:42
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