Bank of America increases CEO's pay in 2021

Bank of America Corp.'s board approved Chairperson and CEO Brian Moynihan's 2021 total compensation at $32 million, up from 2020's pay of $24.5 million.

Moynihan's compensation comprises $1.5 million in annual base salary and $30.5 million in aggregate value of his 2021 equity incentive award. There is no cash bonus, consistent with previous years, according to a Form 8-K filing.

The equity incentive award is composed of 30% of cash-settled restricted stock units, or RSUs, that will vest over the next 12 months; 20% of stock-settled RSUs that will vest annually over the next four years; and 50% of performance RSUs that will be re-earned only if Bank of America's future financial performance meets specific standards, according to the filing.

The banking giant said in a filing that in determining Moynihan's compensation, the independent directors evaluated the company's performance in delivering responsible growth in 2021. The company noted that in 2021, it earned a record $32 billion in net income and continued to invest in being a great place to work, support clients with credit, capital and liquidity, and advance racial equality and economic opportunity.