Business

Bank of America CEO pay jumped 77 percent

Brian Moynihan
Brian Moynihan

Bank of America CEO Brian Moynihan saw his compensation jump 77 percent last year as the company’s fortunes improved.

Moynihan’s total compensation was $13.1 million, according to an Associated Press calculation based on a filing made by the company on Friday.

The bulk of his pay was $11.1 million worth of stock awards granted in February 2013. He also had a base salary of almost $1.5 million. Company perks totaled $497,751, most for personal use of the company plane.

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Last year Bank of America’s profit more than tripled to $10.08 billion. It has been cutting staff and focusing on its core businesses.

Bank of America’s board cited its improving balance sheet as a factor in Moynihan’s pay, saying the company cut long-term debt by $25 billion last year. Bank of America stock rose 34 percent last year. The board also credited him with helping bring about the company’s lowest loan losses since 2005.