Bonus Watch '12: Bank Of America

Author:
Updated:
Original:

Brian Moynihan has suggested everyone gird their loins to soften the kick in the pants they're about to receive.

Bank of America told its investment bankers to expect compensation packages that are 25 percent smaller on average, said two people with knowledge of the discussions. Executives gave the guidance earlier this month ahead of formal 2011 pay discussions scheduled for this week, said the people, who declined to be identified because the talks are private. The compensation cut includes salary and bonus, the people said. Jessica Oppenheim, a spokeswoman for the Charlotte, North Carolina-based company, said she couldn’t comment.

[Bloomberg]

Related

News

Bonus Watch '12: Third Year Bank Of America CEO's

After a year of layoffs, topless hecklers, people who won't stop yelling at him, jokes that sting, and continuing to "reap the benefits of what Countrywide sowed," things are looking up for Brian Moynihan. Bank of America Corp., the second- biggest U.S. lender, more than quadrupled Chief Executive Officer Brian T. Moynihan’s 2011 compensation to $8.09 million. Salary was unchanged at $950,000 while his stock awards surged to $6.1 million from zero the previous year, the Charlotte, North Carolina-based lender said today in a regulatory filing. The figures conform to U.S. Securities and Exchange Commission guidelines. [Bloomberg]