Bank of America to Freeze CEO Brian Moynihan's Salary


Bank of America to Freeze CEO Brian Moynihan’s Salary

Bank of America to Freeze CEO Brian Moynihan’s Salary

Is he on the way out?


Bank of America Corp. cut Chief Executive Officer Brian T. Moynihan’s compensation for 2011, granting him no cash bonus and freezing his salary, said a person briefed on the executive’s awards.

The bank is holding Moynihan’s salary at $950,000, said the person, who spoke on condition of anonymity because the Charlotte, North Carolina-based bank hasn’t yet announced his pay package. It gave him $5.9 million in restricted stock units, mostly linked to future performance, the firm said yesterday in a filing. For 2010, the grant had surpassed $9 million.


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