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.
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.