February 26, 2010 / 7:42 PM / 8 years ago

UPDATE 1-BofA's Montag received $30 mln total pay in 2009

* Investment bank chief Montag received $30 mln total pay

* Current CEO Moynihan earned $6.5 mln total pay

NEW YORK, Feb 26 (Reuters) - Bank of America Corp’s (BAC.N) investment banking chief Thomas Montag received $30 million in total pay in 2009, driven by the company’s buyout of Merrill Lynch, according to the company’s proxy filing on Friday.

The bulk of the former Merrill Lynch executive’s compensation comes from a $29.31 million stock award that was part of Merrill Lynch’s sale to Bank of America, according to the proxy. Montag is currently president of Bank of America’s global banking and markets.

Montag received $586,539 in base pay, and $30,423 in all other compensation, according to the proxy. Montag was the only executive to use a car and driver, which cost $25,000 in 2009.

The compensation for the senior executive team of the largest U.S. bank by assets highlighted the pay curbs tied to the $45 billion in U.S. government aid the bank repaid in December 2009.

But some executives, like Montag, received large total compensation.

Former Chief Executive Kenneth Lewis, who stepped down on Dec. 31, received no pay and bonus in 2009, which was announced last fall after talks with U.S. pay czar Kenneth Feinberg. But his total compensation was $4.1 million which came from an increase in the value of a company pension plan.

CEO Brian Moynihan, who succeeded Lewis, received $6.5 million in total compensation last year when he was consumer bank chief, according to the filing. (Reporting by Joe Rauch)

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