Brian T. Moynihan, better known at the Chief Executive Officer at Bank of America, received a massive 23% pay hike in 2015, pocketing no less than $16 million. Along with his standard $1.5 million salary, a regulatory filing released on Friday showed that $14.5 million in stock grants were also paid to Moynihan last year.
In 2013, his total pay packet came out at around the $13 million mark.
His position as chairman was called into question on more than one occasion during the past 12 months, as BoA’s stock struggled to keep up with the competition. Regulatory struggles also gripped the bank, though Moynihan managed to cut outgoings by almost a quarter (24%) and put an end to a number of long-standing legal headaches.
On the whole, share values for Bank of America fell by just under 6% last year.
The decision by Bank of America to significantly up Moynihan’s annual pay packet reflects the company’s significantly improved performance throughout the year. While BoA reported total profits of $4.8 billion in 2014, this accelerated to around $16 billion in 2015.
“Bank of America in 2015 demonstrated continued progress as a result of its strategy of simplifying the company,” read the document from BoA detailing the CEO’s pay package.
Even with such a generous hike, the Bank of American Chief is still taking home considerably less than some of his closest peers. Goldman Sachs’ CEO Lloyd C. Blankfein took home $23 million last year, representing a $1 million cut on his 2014 compensation. By contrast, Jamie Dimon of JPMorgan Chase was given a huge 35% pay increase in 2015, taking home a total rewards package worth $27 million.