Bank of America CEO got sixfold raise in 2011
NEW YORK (KABC) -- Bank of America's CEO made $7.5 million last year, six times what he made in 2010.
The bank says Brian Moynihan's pay package for 2011 included a salary of $950,000, $6.1 million in stock, and about $420,000 worth of use of company aircraft and tax and financial advice. In 2010, his pay package totaled $1.2 million.
The company made the information public in a regulatory filing on Wednesday. Moynihan, 52, took over as CEO in 2010. The board said the stock award to Moynihan was justified because the bank turned a profit after losing money in 2010, and because it ended the year with a stronger balance sheet.
Bank of America's stock lost more than half its value in 2011. It also lost the title of No. 1 bank by assets to JPMorgan Chase. Bank of America posted earnings of $1.4 billion in 2011 and raised $34 billion by selling assets that it did not consider central to its business.
The Associated Press contributed to this report.
economy, housing market, business
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