BofA awarded a $15.2 million to its investment banking chief Tom Montag – that’s 68% more than his boss, CEO Brian Moynihan, Bloomberg reports.
Montag was given $14.3 million in restricted stock and $900,000 in cash for his work in 2010.
Moynihan got $9.05 million stock bonus.
It’s understandable, since Montag’s global banking and markets division was the bank’s most profitable, earning $6.3 billion.
Whereas the bank as a whole, which is obviously Moynihan’s responsibility, recorded a $2.2 billion net loss and shares fell 11%.
Montag’s 2011 base anual salary was also bumped up to $850,000 from 800,000; Moynihan’s stayed the same at $950,000.
The earliest that BofA execs can cash out is 2014, and that’s only if they reach certain profit targets.
BofA’s CFO, Charles Noski and the head of the consumer unit, Joe Price, also had their base salaries raised by $50,000 to $850,000. They were awarded $4.8 million each in bonuses.
We’re guessing none of these guys will be whining about their packages today, unlike some other bankers we know.