Bank of America to Freeze CEO Brian Moynihan’s Salary

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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?


BLOOMBERG-

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.

[BLOOMBERG]

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