Bank of America Executives Get Pay Bump Even After CEO’s Compensation Cut
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Bank of America Corp. disclosed pay increases of more than 10% for two of its highest-ranking executives a month after reporting that Chief Executive Officer Brian Moynihan’s compensation was cut for 2023.
Chief Financial Officer Alastair Borthwick’s total compensation climbed 14% to $12 million last year, while Jim DeMare, head of the bank’s global-markets division, saw his pay rise 11% to $21 million, according to BofA’s latest proxy, distributed Monday. DeMare’s compensation was second only to Moynihan’s $29 million, which was down 3% from the previous year.