By Beth Healy
Globe Staff / February 27, 2010
Brian Moynihan, Bank of America Corp.’s new chief executive, received $6.5 million in total compensation last year when he served in a variety of senior positions, according to the bank’s annual regulatory filing. Most of that compensation was in the form of $5.2 million in stock awards. His salary was $800,000 and, like many others at the company, he received no bonus. His total compensation in the prior year was almost $4.9 million.
Meanwhile, his predecessor, Kenneth Lewis, received no salary or bonus, under an agreement with the government, which imposed limits on the company’s executive compensation because it received $45 billion in federal bailout funds. Lewis’s total compensation for the year was $4.2 million, most of which was related to a change in the value of his pension. He also reaped perks valued at $32,171, including home security and tax services. In 2008, Lewis received a $1.5 million salary and total compensation of $9.9 million.
Other executives of the bank earned far more: Thomas Montag, who joined the bank with the acquisition of Merrill Lynch & Co. and is now head of the bank’s Global Banking and Markets business, got $29.9 million in total compensation. Most of that was in the form of a $29.3 million stock award, which Merrill had promised him when he was hired in 2008, according to the filing.
Bank of America has been criticized in Congress and by regulators for its handling of the Merrill acquisition. New York Attorney General Andrew Cuomo has filed civil charges against the bank and Lewis, alleging that the bank misled investors about Merrill’s financial health.
http://www.boston.com/business/articles/2010/02/27/bank_of_america_details_executives_2009_pay/
