BofA Cuts CEO Moynihan's Pay 3% to $29M for 2023

Bank of America is letting employees go through attrition, trimming headcount by 3,838 over the course of the year to end 2023 with 212,985 employees. Net income in 2023 fell to $26.5 billion from $27.5 billion a year earlier.

The bank’s shares rose 1.7% in 2023. That compares with a 27% surge at JPMorgan Chase & Co. and a 14% gain for Citigroup Inc.

Morgan Stanley’s James Gorman, in his final year as CEO, got a 17% pay bump to $37 million for 2023.

JPMorgan Chase & Co. raised Jamie Dimon’s pay 4.3% to $36 million for a year in which the bank notched the highest profit in the history of American banking.

Charlie Scharf, CEO at Wells Fargo & Co., got an 18% bump to $29 million.

Moynihan, one of the longest-serving heads of a giant U.S. bank, has signaled his interest in staying on for years to come. The 64-year-old CEO steered the lender through the pandemic after taking the helm 14 years ago in the wake of the global financial crisis.

(Credit: Bloomberg)