Moynihan, whose role as chairman of the bank the board was forced to defend the shareholders in a filing today, took a pay cut last year. The real kick in the pants, though, was not the actual dollar amount but that the figure, for the second time in a row, was smaller than one of his deputies.
Mr. Moynihan was awarded $13 million in stock and cash last year, according to the bank’s proxy statement released Thursday. That was down from the $14 million he received in 2013. And again, the head of the firm’s investment bank, Thomas K. Montag, was paid more than his boss. Mr. Montag was awarded $14 million in compensation, down from $15.5 million in 2013.