Bank of America paid CEO Brian Moynihan $35 million for 2024 – a $6 million, or 21%, increase from 2023, according to a Securities and Exchange Commission filing Friday.
The board considered the company’s “continued success delivering Responsible Growth” last year under Moynihan’s leadership in determining his compensation package, the filing said.
Bank of America net income rose 2% year-over-year, to $27.1 billion, in 2024, while its share price increased 30%, and deposit growth outpaced the industry average, the bank said.
“The Company’s 2024 performance was an important foundational year characterized by strong organic growth across all businesses, including a mid-year inflection and return to growth in net interest income complementing strong fee businesses growth,” Bank of America said in its filing.
Moynihan was the only CEO among the six largest systemically important U.S. banks – including JPMorgan Chase, Morgan Stanley, Wells Fargo, Goldman Sachs and Citi – to get a pay cut in 2023, as the lender’s profit dropped 4% that year.
Moynihan’s 2024 pay hike mirrors compensation packages received by his industry peers so far this year. Goldman Sachs gave CEO David Solomon an $80 million bonus and a 26% raise, bringing his total compensation to $39 million. That also brought Solomon on par with JPMorgan CEO Jamie Dimon, whose compensation rose 8.3% to $39 million in 2024. Meanwhile, Wells Fargo CEO Charlie Scarf received $31.2 million for 2024 — a 7.6% increase from 2023.
Moynihan’s base salary remained unchanged at $1.5 million, and the value of his 2024 equity incentive is $33.5 million. He did not receive any cash bonus, which was consistent with prior years. The equity incentive is composed of 30% cash-settled restricted stock units with a 12-month vesting period, 20% stock-settled RSUs that vest annually over the next four years, and 50% stock-settled performance RSUs tied to bank performance metrics.
Separately, Capital One gave its CEO Richard Fairbank a $31 million year-end incentive award for 2024, according to an SEC filing Friday.
Capital One awaits regulatory approvals of its proposed $35.3 billion deal with Discover.
Shareholders of both companies are set to meet Feb. 18 – roughly a year after the deal was announced – to weigh in on the tie-up.
Capital One’s filing said the compensation committee and the board of directors' decision regarding the year-end incentive award’s form and value “was based on a qualitative evaluation of multiple factors" and the company’s performance in 2024.
Fairbank’s incentive award package includes 102,440 target shares based on the company’s performance from 2025 to 2027, $18.25 million tied to growth of shareholder value and adjusted return on tangible common equity, and $2.25 million based on relative total shareholder return relative to the company's peers over the performance period.
He will also receive a $5.5 million deferred cash bonus, which will be paid in 2028, and $5 million in RSUs that will vest in 2028, as noted in the filing.
