BofA trims CEO Moynihan’s pay to $30 million as Wall Street curbs compensation

Chief executives of the country's largest banks testify at a Senate Banking, Housing, and Urban Affairs hearing on Capitol Hill in Washington

NEW YORK (Reuters) -Bank of America Corp reduced compensation for Chief Executive Officer Brian Moynihan by roughly 6% to $30 million for 2022, the lender said in a filing on Friday.

Moynihan’s pay included a base salary of $1.5 million and restricted stock. Moynihan was paid $32 million for 2021.

In deciding his compensation, the bank’s board cited the executive’s leadership in a period of “considerable economic uncertainty.” Bank of America’s net income dropped 14% to $27.5 billion in 2022 from a year earlier.

U.S. lending giants have cut or frozen pay for their top executives in recent weeks, citing challenging economic and business conditions. They have also reported shrinking profit and set aside rainy-day funds to prepare for a possible recession.

Goldman Sachs Group Inc slashed compensation for CEO David Solomon by 29% to $25 million for 2022, while his counterpart at Morgan Stanley, James Gorman, got a 10% pay cut to $31.5 million. At JPMorgan Chase & Co, Jamie Dimon’s compensation was held steady at $34.5 million.

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(Reporting by Lananh Nguyen in New York; Additional reporting by Manya Saini in Bengaluru; Editing by Anil D’Silva)