Bank of America cuts CEO compensation
Bank of America Corp. cut CEO Brian Moynihan’s compensation for 2011, granting him no cash bonus and freezing his salary, a person briefed on the executive’s pay told Bloomberg. The bank is holding Moynihan’s salary at $950,000, Bloomberg said. It gave him $5.9 million in restricted stock units, mostly linked to future performance, the company said yesterday in a filing. For 2010, the grant had surpassed $9 million. Bank of America stock plunged 58 percent last year as Moynihan sold $33 billion in assets and announced 30,000 job cuts amid stagnant revenue and rising costs from defective mortgages.
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