BofA's Montag Gets Less Pay Than CEO Moynihan for First Time

COO's 2015 total compensation rises 11% to $15.5 million
Montag's pay had surpassed Moynihan's in five previous years

Thomas Montag.
Photographer: Jonathan Fickies/Bloomberg

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By Laura J Keller

March 17, 2016 at 5:11 PM UTC

Updated on

March 17, 2016 at 6:16 PM UTC

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Bank of America Corp. Chief Operating Officer Thomas K. Montag was paid less than Chief Executive Officer Brian T. Moynihan last year for the first time. Montag was awarded $15.5 million, compared with Moynihan’s $16 million.

Montag’s compensation, an 11 percent increase from a year earlier, included $8.7 million in stock, a $5.8 million cash bonus and a $1 million salary, the Charlotte, North Carolina-based bank said Thursday in a filing.