By Sabela Ojea
Bank of America said its board of directors approved cutting Chair and Chief Executive Brian Moynihan's total compensation for 2023.
The lender on Friday said Moynihan will receive a total annual compensation of $29 million, down from $30 million for 2022.
The decision follows a review conducted by independent members of the board that evaluated Bank of America's performance and Moynihan's role in delivering responsible growth during the year.
In 2023, the company's net profit fell about 4% to $26.5 billion.
"The board acknowledged the Company's continued success in 2023 and Moynihan's leadership under this operating model particularly in this period of considerable economic uncertainty," Bank of America said.
This year, Moynihan's base salary will remain $1.5 million, Bank of America said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
02-02-24 1657ET
