Compensation for Wall Street bank CEOs is Drawing Closer Scrutiny while Bank of America Compensates its CEO with $29 Million

Bank of America compensated its chief executive, Brian Moynihan, with $29 million for the year 2023, showing a slight decrease of 3% compared to the previous year. This compensation comprised a $1.5 million salary along with a $27.5 million bonus, primarily in Bank of America stock. Notably, Moynihan did not receive any cash bonus for the year.

According to a regulatory filing, Bank of America stated that Moynihan’s pay reflected his leadership in delivering responsible growth throughout 2023. However, the compensation landscape for Wall Street bank CEOs is drawing closer scrutiny this year. While larger US banks have increased pay for their top executives, they have also reduced overall bonus pools for bankers due to a slowdown in deals and trading fees.

For instance, Morgan Stanley’s CEO, James Gorman, saw a 17% increase in his compensation to $37 million for his work in 2023, marking his largest pay packet during his 14-year tenure at the helm. Meanwhile, JPMorgan CEO Jamie Dimon’s pay rose approximately 4% to $37 million for the year, and Wells Fargo CEO Charles Scharf’s compensation of $29 million represented an 18% increase.

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