Bank of America Corp. awarded Chief Executive Officer Brian T. Moynihan $16 million for his work last year, raising his potential compensation 23 percent.
Moynihan received $14.5 million in stock grants for 2015 and left his salary unchanged at $1.5 million, according to a regulatory filing Friday. A year earlier, the Charlotte, North Carolina-based bank gave the CEO of the second-biggest U.S. bank a $13 million pay package.
Moynihan, 56, survived a battle with investors in 2015 over whether he should be stripped of his role as chairman as the bank’s stock lagged behind peers. The company also wrangled with regulators, as it was forced to resubmit its capital plan under the Federal Reserve’s annual stress test. Moynihan slashed expenses 24 percent last year, partly by putting some of the bank’s biggest legal woes behind it.
Bank of America shares slid 5.9 percent in 2015, trailing the 3.5 percent drop of the 90-company Standard & Poor’s 500 Financials Index.