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(Bloomberg) — Bank of America Corp. disclosed pay increases of more than 10% for two of its highest-ranking executives a month after reporting that Chief Executive Officer Brian Moynihan’s compensation was cut for 2023.
Chief Financial Officer Alastair Borthwick’s total compensation climbed 14% to $12 million last year, while Jim DeMare, head of the bank’s global-markets division, saw his pay rise 11% to $21 million, according to BofA’s latest proxy, distributed Monday. DeMare’s compensation was second only to Moynihan’s $29 million, which was down 3% from the previous year.
Read More: Bank of America Cuts Moynihan Pay 3% to $29 Million for 2023
Borthwick’s pay increase came after the CFO navigated a “complex interest-rate environment,” made sure the bank maintained “regulatory capital and liquidity levels exceeding regulatory requirements” and “drove expense-discipline initiatives across the company,” Charlotte, North Carolina-based BofA said in the proxy.
DeMare, meanwhile “achieved record sales and trading revenue with zero trading loss days” last year, according to the filing, with global-markets revenue at the Wall Street giant rising almost 8% to $19.5 billion.
Among CEOs of the biggest US banks, Moynihan was the only one to see his 2023 compensation cut. The year was one of turmoil for regional banks, and elevated interest rates also became a drag for BofA, which had piled into long-dated Treasuries and mortgage bonds in years when rates were lower. Such holdings, while not an existential threat to the lender, weighed on its results, with net income falling 3.7% to $26.5 billion, lower than analysts had expected.
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Published: 12 Mar 2024, 01:16 AM IST
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