Bank of America (BAC) has released an update.
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Bank of America Corporation has set the 2023 total compensation for its CEO Brian T. Moynihan at $29 million, a slight decrease from the previous year’s $30 million. The independent Board members determined this pay package after considering the Company’s performance and Moynihan’s leadership amid economic uncertainties. Even with notable charges affecting net income, the Company showed a 6% increase over the prior year when these items were excluded. Bank of America’s balance sheet and shareholder equity remained strong, and the Company continued to raise employee wages, enhance benefits, and award employee shares. It also supported clients with significant loan growth and wealth management, while investing in community initiatives and maintaining a structured compensation for Moynihan with no cash bonus and incentives tied to future financial performance.
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For a comprehensive understanding of the announcement, you can read the full document here.