Bank of America chief executive Brian Moynihan was awarded $20 million for his performance in 2016, up from $16 million from the year before.
The pay package is the most Moynihan has been given since becoming CEO of the Charlotte-based bank in 2010.
Moynihan’s pay for 2016 included $18.5 million in stock, as well as unchanged base salary of $1.5 million, according to a securities filing Friday.
As in recent years, Moynihan, 57, did not receive a cash bonus. Of his stock award, 50 percent will be fully paid out only if the bank meets specific financial goals.
The pay package follows a year in which Bank of America logged improvements, posting its largest annual profits since 2006 before the financial crisis saddled it with soaring legal costs.
In a statement announcing Moynihan’s compensation, Bank of America noted the $17.9 billion in 2016 profits was 13 percent higher than 2015’s figure and the second highest earnings in the company’s history.
Bank of America also cited revenue growth, lower expenses, “historically low” credit losses and $6.6 billion in capital returned to common shareholders in 2016, among other accomplishments.
But 2016 wasn’t stumble-free for the second-biggest U.S. bank by assets.
In April, federal banking regulators announced they had found deficiencies in “living wills” of Bank of America and some other large U.S. banks. The wills show regulators how big banks would be dismantled in a failure without relying on taxpayer bailouts. In December, regulators said Bank of America had adequately fixed its deficiencies.
Bank of America also continues to lag some of its peers in key performance measures. Those include its efficiency ratio, a measure of how much it costs a bank to generate a dollar of revenue, as well as return on assets, which reflects how well a bank is using its assets to generate profits.
Bank of America becomes the latest bank to disclose new compensation packages for their CEOs.
JPMorgan Chase & Co. gave Jamie Dimon a $1 million raise after the New York-based bank’s stock climbed 31 percent last year, Bloomberg reported last month. Dimon, who’s also chairman, was given a $28 million compensation package for 2016, or 3.7 percent more than a year earlier.
Wells Fargo has not yet disclosed 2016 compensation for CEO Tim Sloan, who took over last year after John Stumpf resigned in the wake of the San Francisco-based bank’s sales scandal.
Bank of America also last year announced a boost in pay for its lowest-paid workers, to $15 an hour from $13.50 previously. That took effect earlier this month.
Deon Roberts: 704-358-5248, @DeonERoberts
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