Applicable if your last name is Moynihan, first name Brian, who will also be receiving no cash bonus for last year. BofA is apparently making an "example" of Moyns as party of the bank's attempt to get the message out that "If the company doesn’t do well, our CEO isn’t going to do as well." [Bloomberg]
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]
A few details from the House of Moynihan's IBD bonus communication day, which was said to leave people feeling "glum."