By Ateev Bhandari
Feb 13 (Reuters) – Bank of America said on Friday it had approved $41 million for CEO Brian Moynihan’s total compensation for 2025, reflecting a more than 17.1% rise from last year.
Moynihan, 65, is one of the industry’s longest-serving leaders. He took the reins in 2010 following a tumultuous succession process, steering the bank’s turnaround after the 2008 financial crisis.
The compensation includes $1.5 million of base salary and the rest in equity incentives, the bank said. Moynihan had received $35 million in total compensation in 2024.
In a filing explaining the compensation, BofA highlighted strong company financials, employee welfare, and philanthropy efforts led by Moynihan.
Top bosses at rivals Wells Fargo, Citigroup, and JPMorgan Chase have all received similar hikes following a bumper year. Wall Street giants are now preparing for another strong year for dealmaking, while also navigating an increasingly complex relationship with Washington.
Citi’s Jane Fraser, the first woman to lead a major U.S. bank, was paid $42 million.
Wells’ Charlie Scharf was paid $40 million in compensation for 2025, while JPMorgan’s Jamie Dimon received $43 million.
Goldman Sachs’ David Solomon received $47 million in compensation last year and Morgan Stanley’s Ted Pick was paid $45 million.
Last month, BofA beat estimates for fourth-quarter profit, as its traders capitalized on volatile markets and it brought in higher income from interest payments.
The lender’s 2025 profit jumped to $30.5 billion from $27 billion a year earlier. BofA shares ended the year up about 25%, marking a third straight year of gains.
Shortly after its results, BofA announced awards of about $1 billion in equity to all employees except senior management, marking the ninth straight year of employee awards at the second-largest U.S. bank.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Sriraj Kalluvila)
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