For one, it means Brian Moynihan is well and truly back to being Brian Moynihan, which means that like everyone else at BofA making more than $100,000, he’ll be feeling a little tight. A very little.
Bank of America cut the pay of CEO Brian Moynihan by 7.5% to $24.5 million, citing the pandemic’s impact on the company’s financial performance. The bank’s net income dropped by 35% in 2020 as it socked away money to prepare for soured loans. Its stock fell 14% over the course of the year.
Of course, BriMoy has a chance to turn things and his sad-sack permafrown around and upside down. (Stop laughing; it is theoretically possible.) Mike Corbat? Well, not so much, on account of the very thing that’s weighing down his personal bottom line.
At Citigroup, the bank cut Chief Executive Michael Corbat’s pay 21% to $19.04 million, citing a consent order that regulators slapped on the bank in October.