Bank of America Corp's CEO Brian Moynihan was awarded a 73 percent pay increase in 2012, when the institution resolved crisis-era lawsuits and its stock was one of the sector's top performers.
The $12.1 million pay package likely means that Moynihan was one of the best paid CEO's on Wall Street in 2012, thanks in part to compensation cuts for rivals. Moynihan's base salary for 2013 also is due to rise by more than 55 percent, a person familiar with the situation said.
Analysts have said that Bank of America has not fully moved past the financial crisis. Still wrestling with losses from the bank's 2008 Countrywide Financial acquisition, Moynihan is under pressure to show the bank can increase earnings at a time of low interest rates and tighter regulations.
Moynihan received 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing on Tuesday.
In 2012 Moynihan earned a $950,000 in salary but received no cash bonus, similar to 2011, the source said. The CEO's 2013 salary will increase to $1.5 million, the person said.
The stock grants for 2012 were worth $11.1 million at the closing price of $12.03 on Friday, the date they were awarded. Moynihan received grants worth about $6.1 million for 2011.
Bank of America's shares rose 109 percent in 2012, the best performance among stocks in the Dow Jones Industrial Average, as investors grew confident it had the capital it needed to meet new international guidelines.