Bank of America grants cash awards to 3 top execs

NEW YORK (Reuters) - Bank of America Corp (BAC.N) on Wednesday announced cash awards that could reach seven figures for three senior executives, including two whose salaries were cut after a review by White House pay czar Kenneth Feinberg.

On November 30, Thomas Montag, head of global markets and banking, was awarded stock units valued at $4.57 million, based on the bank's Wednesday closing price of $15.65.

On the same day, Chief Financial Officer Joe Price received an award valued on the same basis at $2.58 million, while home loans and insurance chief Barbara Desoer got an award valued at $1.94 million.

Last week, Bank of America reduced the salaries of Price and Desoer to $500,000 from $800,000, and said both would get stock unit awards, with half granted on November 30 and the rest on December 31.

It was not immediately clear on what basis the bank granted the award to Montag, or whether other executives might also be receiving awards. A bank spokesman declined to elaborate.

The Charlotte, North Carolina-based bank said each stock unit has the same economic value as one Bank of America share. It said the units are payable in cash in monthly increments beginning in January 2011 and ending in December 2013.

Bank of America disclosed the awards in U.S. Securities and Exchange Commission filings. The company's shares fell 24 cents to close at $15.65 on Wednesday.

(Reporting by Jonathan Stempel)