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Bank of America CEO Gets Enormous Pay Boost

He made more last year than the head of JPMorgan Chase


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.

Bank of America CEO Wants Better Customer Service
Bank of America CEO Wants Better Customer Service

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.

Article printed from InvestorPlace Media,

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