Bank of America Corp. gave Chief Executive Officer Brian T. Moynihan a $9.05 million bonus for his first year as leader of the largest U.S. lender by assets, less than the company awarded to its investment banking head.
Moynihan, 51, received the bonus in restricted stock, the Charlotte, North-Carolina based bank said today in a regulatory filing. Thomas K. Montag, who leads global banking and markets, got $14.3 million in restricted stock and $900,000 in cash awards.
Bank of America earned $6.3 billion from Montag’s division last year while the parent company was unprofitable as Moynihan took $12.4 billion in impairments at operations purchased by his predecessor, Kenneth D. Lewis. The bank’s shares “did underperform” in 2010, when they dropped 11 percent amid losses tied to repurchasing faulty mortgages from investors including Fannie Mae and Freddie Mac, Moynihan told analysts Jan. 21.
Awards for executives including Moynihan were based upon “recognition of 2010 as a unique and critical transition year,” the company said in the filing.
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