Moynihan, Montag Reap BofA Awards After Shares Almost Double
Bank of America Corp. Chief Executive Officer Brian T. Moynihan and co-Chief Operating Officer Thomas K. Montag are among senior managers to reap the benefit of restricted stock awards after the lender’s common shares almost doubled this year.
Moynihan had 19,025 stock units convert to cash at $10.58 each on Dec. 15, for a total of $201,285, the Charlotte, North Carolina-based lender said today in a regulatory filing. He received the awards earlier this year, the filing shows. Montag had 10,482 units and Chief Financial Officer Bruce Thompson had 8,490, reaping $110,900 and $89,824, respectively, according to separate filings.
Bank of America climbed 4 percent to $11 today in New York and has surged 98 percent this year, the best performance among 81 companies in the Standard & Poor’s 500 Financials Index. (S5FINL) Moynihan, 53, is cutting costs and selling unwanted assets to help boost the firm’s cushion against future losses.
The three executives received the awards on Feb. 15, according to the filings. They are payable solely in cash on the 15th day of each month during a 12-month period that began in March, the filings show.
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