Moynihan’s new pay package follows a year in which Bank of America reported net income of $30.5 billion, up 13.1% from 2024. The Charlotte, North Carolina-based lender is focused on increasing revenue while also keeping expenses in check, using technology, including artificial intelligence, to contain costs.
In determining Moynihan’s pay, the bank said its board acknowledged his “leadership in driving growth for shareholders,” including “disciplined expense management,” according to the filing.
Moynihan, one of the longest-serving heads of a large US bank, has signaled his interest in staying on for years to come. The 66-year-old CEO steered the lender through the pandemic after taking the helm 16 years ago in the wake of the global financial crisis.
Under Moynihan’s leadership, the firm set a slew of new financial targets at its first investor day in almost 15 years. The goals, which included a pledge to keep a firm grip on spending, were outlined in a bid to boost shares that have trailed those of other large US banks.
