Bank of America - Being Paid More Than The Boss

Brian Moynihan

Bank of America co-COO Thomas Montag received a 21% raise to $14.5m for 2012, topping his boss Brian Moynihan for the third straight year.

Bloomberg reports that Montag, 56, got a $5.46m cash bonus for 2012, $8.19m in restricted stock units and an $850,000 base salary, the firm has said in a regulatory filing. That compares with the $12m awarded to Moynihan, 53, giving the CEO a raise of more than 70% from 2011.

'This says to everybody that Brian is OK with Tom getting a superior compensation; Montag is doing a great job in a business that’s very tough right now', said Jeanne Branthover, Managing Director at Boyden Global Executive Search Ltd. in New York. 'However, Brian is catching up with him in pay as other divisions are starting to recover'.

Moynihan wasn’t the only bank CEO who earned less than Montag. JPMorgan Chase & Co. (JPM) chief Jamie Dimon’s pay was cut 50% to $11.5m after a review concluded he bore responsibility for the $6.2bn 'London Whale' trading loss. Morgan Stanley (MS)’s James Gorman saw his compensation drop 7.1% to $9.75m. Citigroup Inc. (C) gave new CEO Michael Corbat $11.5m, excluding the value of profit-sharing plans.

Hit the link below to access the complete Bloomberg article:

BofA Pays Montag More Than Moynihan for Third Straight Year

Morgan Stanley Pays Kelleher, Fleming $8.6 Million Each for 2012

BofA Files Notice of MBIA Restructuring Case Appeal

Best place to workThe Best Firm of the Last Decade is...

Register for Financial Markets News Alerts