BofA banker earns more than CEO

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'They’re depending on him to build revenue'.

Bloomberg News reports that Bank of America’s highest-paid senior manager remains co-Chief Operating Officer Thomas Montag, who earned more than his boss Brian Moynihan for the fourth straight year.

Montag got a 6.9% raise to $15.5m for 2013, according to a regulatory filing Friday. That compares with $14m awarded to Moynihan, 54, representing a 17% increase from 2012 for the CEO.

'I suspect Montag continues to make more than the CEO because of his responsibility bringing in the money', said David Schmidt, a consultant at executive pay firm James F. Reda & Associates. 'They’re depending on him to build revenue'.

David Darnell, the 61-year-old Bank of America co-COO who runs retail banking and wealth management, got a 5.3% raise to $10m. Chief Financial Officer Bruce Thompson, 49, got a 9.1% raise to $12. While the firm disclosed restricted-stock grants last month, the new filing included all parts of the pay packages.

Hit the link below to access the complete Bloomberg article:

Montag Remains BofA’s Top-Paid Banker at $15.5 Million

Bank of Montreal Boosts CEO’s Pay 3% to $8.6 Million

 

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