March 30 (Bloomberg) -- Bank of America Corp., the biggest U.S. lender by assets, cut Chief Executive Officer Brian T. Moynihan’s compensation by 70 percent to $1.94 million in 2010.
Moynihan’s salary rose to $950,000 from $800,000, the Charlotte, North Carolina-based lender said today in a proxy filing, while stock awards dropped to zero from $5.2 million in 2009. The figures conform to Securities and Exchange Commission guidelines. By the bank’s measure, Moynihan earned $10 million for 2010, according to the filing.
Moynihan, 51, became president and CEO in January 2010. Bank of America posted a $2.2 billion net loss last year and the bank’s shares dropped 11 percent. Bank of America’s top executives got the “vast majority” of their 2010 compensation in share units to be paid in the future if performance targets are met, causing an apparent drop in pay for some leaders.
The SEC calculations count stock awards in the year they are received, not announced. That excluded the $9.05 million in performance-linked restricted stock units that Bank of America said Moynihan had earned in 2010. Moynihan will receive the stock portion of his award in 2014 at the earliest if the company meets goals for return on assets, the firm said.
Awards for executives including Moynihan were based upon “recognition of 2010 as a unique and critical transition year,” the bank said in a January filing.
Krawcheck, Montag, Price
Compensation for Sallie Krawcheck, head of the bank’s wealth-management division, more than tripled to $6.2 million from $1.9 million in 2009. She received $5.4 million in stock in 2010 tied to her recruitment by the bank, plus performance grants.
Thomas Montag, head of the firm’s investment bank, saw his SEC-calculated compensation plummet to $831,248 in 2010 from $29.9 million in 2009. Those figures exclude $14.3 million in performance-linked awards granted for last year.
Joseph Price, head of the consumer banking, had his compensation reduced to $917,027 in 2010 from $6.1 million the year earlier by SEC measurements. He also was awarded $4.8 million in performance-linked awards.
Among perks and other forms of compensation listed in the proxy, Chief Accounting Officer Neil Cotty and Edward O’Keefe, the bank’s general counsel, received $34,000 and $36,400, respectively, to have emergency generators installed in their homes “for business continuity purposes.”
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