(Reuters) - Bank of America Corp (BAC.N) raised Chairman and Chief Executive Officer Brian Moynihan’s compensation by 23 percent in 2015, a year the bank more than doubled its profits.
Moynihan’s total compensation was $16 million, up from $13 million for 2014. The 2015 figure includes a $14.5 million stock-based award, compared to $11.5 million for 2014. Consistent with previous years, Moynihan did not receive a cash bonus.
Half of Moynihan’s stock-based compensation is tied to Bank of America meeting certain performance targets. One of the targets would require Bank of America to earn $50.4 billion over the three-year performance period, assuming the bank had the same $2.14 trillion in assets it had at the end of 2015.
Bank of America earned $15.89 billion in 2015, up from $4.83 billion in 2014 and $11.43 billion in 2013. Earnings in 2014 were weighed down by $10 billion in legal expenses.
In contrast to Moynihan’s pay package, JPMorgan Chase & Co (JPM.N) CEO and Chairman Jamie Dimon’s 2015 compensation increased by 35 percent to $27 million.
(This version of the story corrects to show Moynihan’s 2015 compensation rose to $16 million, not $14.5 million, and the increase was 23 percent not 11.5 percent. His equity award for 2015 was $14.5 million, not $13 million)
Reporting by Dan Freed in New York; Editing by Bernard Orr