NEW YORK, Feb 3 (Reuters) – Financial institution of America Corp (BAC.N) diminished compensation for Chief Govt Officer Brian Moynihan by roughly 6% to $30 million for 2022, the lender mentioned in a submitting on Friday.
Moynihan’s pay included a base wage of $1.5 million and restricted inventory. Moynihan was paid $32 million for 2021.
In deciding his compensation, the financial institution’s board cited the chief’s management in a interval of “appreciable financial uncertainty.” Financial institution of America’s web earnings dropped 14% to $27.5 billion in 2022 from a 12 months earlier.
U.S. lending giants have reduce or frozen pay for his or her prime executives in latest weeks, citing difficult financial and enterprise circumstances. They’ve additionally reported shrinking revenue and put aside rainy-day funds to arrange for a doable recession.
Goldman Sachs Group Inc (GS.N) slashed compensation for CEO David Solomon by 29% to $25 million for 2022, whereas his counterpart at Morgan Stanley (MS.N), James Gorman, received a ten% pay reduce to $31.5 million. At JPMorgan Chase & Co (JPM.N), Jamie Dimon’s compensation was held regular at $34.5 million.
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Reporting by Lananh Nguyen in New York; Extra reporting by Manya Saini in Bengaluru; Modifying by Anil D’Silva
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