Bank of America Corp Chief Executive Officer Brian Moynihan made $8.1 million in total compensation last year, more than four times the $1.9 million he received in 2010, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
But the CEO of the second-largest U.S. bank made less than some of his CEO peers at other major banks -- and less than three other Bank of America officers.
Moynihan's 2011 pay included $6.1 million in performance-based stock that would vest only if the bank were to meet a return on assets measure by the end of 2015. His total compensation also counted $950,000 in salary, $604,698 from a change in pension value and deferred compensation and $420,524 in other compensation, largely related to his use of corporate aircraft.
Moynihan received no cash bonus.
In 2011, Bank of America shares fell 58 percent as investors worried about the company's need for more capital to absorb mortgage-related losses and meet new international capital standards. Those concerns have eased after the bank passed the Federal Reserve's stress test in March, and the stock has climbed more than 70 percent this year.
Bank of America, though, still faces questions about its ability to generate earnings growth and about potential mortgage-related losses from its 2008 Countrywide Financial acquisition. The bank posted net income applicable to common stock holders of $85 million in 2011, its first profit in two years under Moynihan's leadership.
Under SEC guidelines, Moynihan's $6.1 million in stock grants were counted in his 2011 compensation because they were awarded during the calender year, but they were actually granted at the beginning of the year for his 2010 performance. The performance-based stock could have a maximum value of $9.2 million, but the bank assumed that only two-thirds of the shares would actually vest in determining the value reported to the SEC, according to the proxy.