February 19, 2013

Moynihan's pay rose in a year in which other bank executives were not so fortunate. Morgan Stanley CEO James Gorman's total pay for 2012 fell 7 percent to $9.75 million, while JPMorgan Chase & Co awarded CEO Jamie Dimon $11.5 million after slashing his bonus in half after the bank lost billions on disastrous trades by its Chief Investment Office.

Moynihan made more than Dimon, even though his bank posted net income of $4.2 billion in 2012, compared to $21.3 billion for JPMorgan.

Bank of America's filings disclose only the stock portion of pay for Moynihan and other top executives in 2012. More details will be provided in the annual proxy filing this spring.

Moynihan's grants included 277,871 shares that will be paid out on a monthly basis in cash over the next year and 463,119 restricted shares that vest over three years. Half of the remaining 185,248 performance-based shares will vest if the company meets return on asset goals, and the other half will vest if the company meets goals for growth in adjusted tangible book value, both over a three-year period.

In 2011, the bank granted performance-based shares tied only to return on assets, a measure of profits compared to total assets.

The bank needed to reach a minimum return on assets of 0.5 percent over a four-quarter period by the end of 2015 to pay out at least partially. The bank's return on assets in 2012 was 0.19 percent, up from 0.06 percent in 2011.

The bank's tangible book value per share of common stock grew to $13.36 in the fourth quarter of 2012 from $12.95 a year earlier as the bank built capital. Tuesday's filings did not disclose the performance-based goals for the shares.

The bank also awarded restricted and performance-based shares worth nearly $30 million to six other top executives, according to the filings.

Tom Montag, the co-chief operating officer who runs global markets and banking businesses, received shares worth $8.3 million, the most of the six but less than Moynihan. In some years, Montag has made more than his boss. David Darnell, co-chief operating officer for consumer businesses and wealth management, received shares worth $5.2 million.

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