(Reuters) Bank of America Corp increased the compensation for Chief Executive Officer Brian Moynihan by roughly 21% to $35 million for 2024, the lender said in a filing on Friday.
That compares with Moynihan's pay of $29 million in 2023.
Last month, the lender's fourth-quarter profit beat expectations as its traders benefited from a flurry of activity in the period, while the bank predicted it would earn more interest income in 2025.
Probably a raise on a low base or long overdue.
In any case, unfortunately I doubt you will ever see that again.
My team's best payout year was 2010. They raise you up and then let you sit. For a decade+. Let's hear from you in 2026.
Sincerely hope this is not the case for you, but knowing this place as I do, am not optimistic.
Or maybe you really are a rock star... in which case, you could be making even more elsewhere.
Re: @ze+1jkh83vpv
When I look at my bank balance when I get my paycheck, it increases 12% more now. How about yours?
Now if you'd put as much effort into working as you do with your sad insults, maybe you can also have 12%! HAHHHAHHA
I'll take your insults and my raise over your raise any day my friend. :)
you are a perfect shoe li---r for your mngr and up one level to get 12% increase.
SO many out of touch people in here, LOL.
I got a 12% increase and 13K Bonus. It's not all "at the top," you just have to actually be willing to WORK for it.
AND GO IN TO THE OFFICE! DUH!
It's not hard people come on, LOL!
The greed at the top is absolutely disgusting. Embarrassed to tell people I work here. I tell anyone I can to bank at other places with much better rates for any product we offer.
I think everyone needs to personally destroy the yearly employee survey -- i mean score the lowest on EVERY. SINGLE. QUESTION. F this place -- giving BM 21% and everyone else gets 1% if lucky, or they even lost money. What a joke. It's time everyone just went ahead and imploded that damn survey for once. At least that is anonymous / no retaliation confirmed.
Responsible growth is starting to pay off! 💲🤑
And yet I bet none of you complaining would quit. Stop complaining and get to work!
Meanwhile I get emails from the company to attend financial wellness discussions. The f#cking irony!! We are not doing well financially because this company is handing out zero percent raises!
'Brian is rewarded by the board and receives the total amount that was reduced or completely eliminated from the worker’s annual compensation across the enterprise. This is what they mean by responsible growth…but only for him and those at the top of the house.'
this sounds less like innovation and growth
and more like redistribution, in a bad direction
The managers had special meeting to tell people to be great-full they are employed. The cheerleaders immediately added how everyone need to shut up and count their blessings. The people working least were the once singing most. Or maybe they are the only ones getting rewarded. In any event - we are constantly told how we get more than we deserve. This is definitely not meritocracy but rather rewarding friends and family. A lot of conflict of interests. And yes - leaving becomes the only option. Professionally or money wise. Maybe that is the objective. But why humiliate and insult people in the process?!
Remember this if you do the survey.
Brian is rewarded by the board and receives the total amount that was reduced or completely eliminated from the worker’s annual compensation across the enterprise. This is what they mean by responsible growth…but only for him and those at the top of the house.
This company is embarrassing and I’m tired of being harassed each year to submit a survey where all questions are worded in a way that can’t possibly point to management as the source of all problems. And all so they can pat themselves on the back and deceive us into believing we’re happy employees. They really do hope we forget all the results when they tell us our tiny or zero raises again in January.
That bonus money is not warranted and should be used to hire more American workers.
$ru-p called on BM...something cooking....just wait
Bla.e the board of directors, they're the ones that approve these things.
What a total piece of garbage this CEO is. For years, I received no raise. This year, I got less than 2%. This company let inflation eat away at people's earning without any kind of adjustments. Now Brian gets a 20+% increase? 200,000+ people just got slapped in the face.
Dear Brian, I wish you the absolute worst.
FBofA
"2nd house"? -- why stop there??
What a joke. BofA is functioning like a 3rd World Country at this point.
Ohhhhh goody I'm so happy for him i was worried about how he would pay for his 2nd lake house while us regular id--ts are eating rice and beans multiple nights a week.
Sick, totally sick.
Sell your shares now. This is so bogus.
Emperor has no clothes. (and neither do any of his worthless sycophant DRs.)
Gross, just gross.
While the rest of us have been kicked in the stomach with no increase, this guy gets an increase? I spoke to a colleague today and that person was so upset and devalued, facing a real cost of living crisis. Morale is the lowest ever. People feel cheated after being worked so hard for so long for nothing.
Its backwards. The the higher ups should get lower % in proportion to their base. 0.005% of Brians base is more than a 2% raise for the majority of bank employees.
To put this in perspective the average earner at bofa would need a 5000% increase to match brians 2%
Me and my 0% increase 🤝🏼
B1,DNM/DNM,Merit: 21%, Bonus: $5MM
Unreal