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BANK OF AMERICA

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Bank of America : BofA chief Moynihan's pay cut 7 percent to $13 million

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02/17/2015 | 07:17pm EDT
Bank of America CEO Moynihan looks on during the White House summit on cybersecurity and consumer protection in Palo Alto

NEW YORK (Reuters) - Bank of America Corp (>> Bank of America Corp) cut Chairman and Chief Executive Officer Brian Moynihan's pay by 7 percent in 2014, a source familiar with the matter said on Tuesday, as its full-year profit fell 58 percent on higher legal settlements.

NEW YORK (Reuters) - Bank of America Corp (>> Bank of America Corp) cut Chairman and Chief Executive Officer Brian Moynihan's pay by 7 percent in 2014, a source familiar with the matter said on Tuesday, as its full-year profit fell 58 percent on higher legal settlements.

Moynihan's total 2014 compensation was $13 million, down from $14 million a year earlier, according to the source. He received $11.5 million in stock-based compensation, according to a regulatory filing on Tuesday, down from the $12.5 million he received for 2013.

His base salary remained unchanged at $1.5 million, said the source, who was not authorized to speak publicly about the matter. As in 2013, Moynihan did not receive a cash bonus, according to the source.

The filing did not explain why Moynihan's stock awards were lowered. The bank will submit a filing later this year containing Moynihan's total compensation.

Bank of America spent much of 2014 settling cases brought by U.S. regulators and law enforcement authorities. In two agreements over the course of the year, the second-largest U.S. bank said it would pay nearly $26 billion to settle claims that it sold investors faulty mortgage bonds.

Those settlements led the bank to report a loss in two separate quarters in 2014. Overall profits in 2014 fell to $4.8 billion from $11.4 billion in 2013.

In contrast to Moynihan's smaller pay package, JPMorgan & Co (>> JPMorgan Chase & Co.) Chief Executive Jamie Dimon's total compensation in 2014 was $20 million, unchanged from a year prior.

JPMorgan has had big settlement bills of its own, but those were mostly paid out in 2013.

The filing showed that Bank of America Chief Operating Officer Thomas Montag was awarded a $7.8 million stock-based compensation package for 2014, down from $8.7 million in 2013. Finance chief Bruce Thompson was awarded a $5.9 million stock-based compensation package for 2014, down from $6.7 million in 2013.

(Reporting by Peter Rudegeair; Editing by Lisa Shumaker and Christian Plumb)

By Peter Rudegeair

Stocks treated in this article : JPMorgan Chase & Co., Bank of America Corp
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA -0.27% 29.4 Delayed Quote.19.64%
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Financials (USD)
Sales 2019 91 962 M
EBIT 2019 38 539 M
Net income 2019 26 820 M
Debt 2019 -
Yield 2019 2,27%
P/E ratio 2019 10,4x
P/E ratio 2020 9,52x
Capi. / Sales2019 2,99x
Capi. / Sales2020 2,95x
Capitalization 275 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 32,82  $
Last Close Price 29,40  $
Spread / Highest target 46,3%
Spread / Average Target 11,6%
Spread / Lowest Target -4,76%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant President-Global Product Solutions & CMO
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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