Bank of America CEO Moynihan has his pay cut by $2 million, first reduction since 2014

Bank of America CEO Brian Moynihan had his 2020 compensation cut by $2 million, the bank’s board of directors said in a securities filing Friday. The Boston-based executive was awarded $24.5 million in pay for 2020, down from $26.5 million the year prior.

The Charlotte-based bank’s earnings suffered in the COVID-19 pandemic, dropping from $27.4 billion in 2019 to $17.9 billion last year.

Moynihan, who has been the bank’s CEO since 2010, will make a base salary of $1.5 million, and get a stock package worth $23 million.

The bank’s board of directors considered the pandemic’s effect on earnings, as well as the bank’s adaptation to the pandemic, according to the securities filing.

Moynihan pledged that the bank would not have COVID-related layoffs in 2020, and headcount at the bank actually grew to about 212,000 last year. Bank of America employs 16,000 people in the Charlotte area.

The second-longest serving CEO of a major U.S. bank — second only to JPMorgan’s Jamie Dimon — Moynihan has seldom been the top earner among the fraternity of big bank CEOs. Dimon had long taken home the largest payday, until Morgan Stanley’s James Gorman took the top spot after a 2020 raise.

Charlie Scharf, CEO of Wells Fargo, also received a pay cut for 2020. His compensation was cut by $2.7 million to $20.3 million.

Moynihan’s compensation, over the years

Bank of America CEO Brian Moynihan’s compensation since 2010, as authorized by the Bank of America board. As some stock bonuses depend on meeting performance goals over multiple years, Moynihan’s actual take-home may differ from what the board awarded him.

▪ 2010: $15 million

▪ 2011: $7 million

▪ 2012: $12 million

▪ 2013: $14 million

▪ 2014: $13 million

▪ 2015: $16 million

▪ 2016: $20 million

▪ 2017: $23 million

▪ 2018: $26.5 million

▪ 2019: $26.5 million

▪ 2020: $24.5 million