Brian Moynihan

Why stop here? Why not just give Montag his office and parking spot, too? Read more »

  • 20 Feb 2014 at 12:56 PM
  • Banks

Bonus Watch ’14: Bank of America CEOs

Despite the 17% bump for his many troubles last year, Brian Moynihan is still not the best-paid man at BofA—and will still allow Jamie and Lloyd to pick up the check at lunch. Read more »

If you answered Bri-Moy, you’d be correct. Read more »

Bank of America Corp. co-Chief Operating Officer Thomas K. Montag received a 21 percent raise to $14.5 million for 2012, topping his boss Brian T. Moynihan for the third straight year. Montag, 56, got a $5.46 million cash bonus for 2012, $8.19 million in restricted stock units and an $850,000 base salary, the Charlotte, North Carolina-based lender said today in a regulatory filing. That compares with the $12 million awarded to Moynihan, 53, giving the chief executive officer a raise of more than 70 percent 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 [Bloomberg, earlier]

Brian T. Moynihan, who endured record losses and public thrashings while cleaning up Bank of America Corp.’s mortgage mess, said he wouldn’t mind being chief executive officer of the lender forever. “It’s the best job there is,” Moynihan said yesterday in an interview scheduled for public television’s “Charlie Rose” program. “While there have been times when you sit there and say, ‘Jeez, this is a lot of pounding,’ you always keep your eye on the purpose you’re here. And that’s to help people with their financial lives — if you really keep focused on that, I could do this the rest of my life.” [Bloomberg]

After one investor conference in June 2011, veteran bank analyst Richard Bove says he called the lender’s investor relations department to complain. “I told them I didn’t believe such an incredibly bad presentation could be made,” Bove says of Moynihan. “He doesn’t have the ability to speak off the cuff, and to let him is to destroy shareholder wealth.” Moynihan’s lack of eloquence is the main reason he’s underestimated, says Bill Miller, chairman of Legg Mason Capital Management Inc., whose funds own about 4 million Bank of America shares. Miller says the stock can double within three years. “There’s a tendency to impute much greater skill on the part of somebody like Jamie Dimon, who is very smooth, over someone like Brian,” Miller says. “People say, ‘Oh, he doesn’t speak well, and he stumbles over his words and he’s sweating.’” [Bloomberg]

  • 19 Feb 2013 at 5:58 PM

Bonus Watch ’13: Brian Moynihan Gets A Raise

Time was, being Chief Executive Officer of Bank of America was a thankless job that involved being mocked by Stephen Schwarzman, engaging in hand-to-hand combat, and generally feeling as though one’s ass was being kicked on a daily basis. It may still be a thankless job that involves all those things but now it comes with a little extra cash to make B-Moy feel better about himself/the prank calls that he knows are coming from Blackstone. Read more »