February 12, 2016 / 10:34 PM / 4 years ago

Bank of America chief Moynihan gets 23 percent pay hike

Bank of America CEO Brian Moynihan looks on during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith

(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

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