The CEO of Bank of America (NYSE:BAC) is getting a huge bump in annual compensation.
In regulatory filings, the bank revealed that Brian Moynihan, who has a base salary of $950,000, has been awarded $11.1 million in restricted shares for last year, raising his total compensation for 2012 to more than $12 million. In 2011, Moynihan received total compensation of just $8.1 million, Forbes noted.
Over the last year, Bank of America shares have risen more than 60% as Moynihan has implemented a strategy to reduce expenses and reduce litigation against the bank.
The stock award means that, in 2012, Moynihan was paid more than JPMorgan Chase‘s (NYSE:JPM) James Dimon who saw his bonus slashed as a result of billions of dollars in trading losses resulting from a rogue trader at the JPM’s London office.
In January, Bank of America negotiated a $10 billion settlement with Fannie Mae (PINK:FNMA) over bad mortgages sold by Countrywide Financial between 2000 and 2008. Bank of America acquired Countrywide in 2008 during the financial crisis.
Shares of Bank of America fell more than 1% in Wedneday midday trading.
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