BofA's Moynihan Gets $9.1 Million Bonus
Bank of America CEO Brian Moynihan was awarded a $9.1 million bonus for 2010. The bonus is in the form of restricted stock. Thomas Montag, the head of global banking and investment, received a $15.2 million bonus - $14.3 million in stock and another $900,000 in "cash settled stock units," reports the Charlotte Observer's Rick Rothacker. Beginning in March, it will be paid in 12 monthly installments "based on the bank's stock price on the payment date." Two other executives - CFO Chuck Noski and Joe Price, the head consumer banking - also received bonuses in the form of $900,000 cash-settled stock units and $4.8 million in restricted stock. "The bottom line is that all year-end compensation is deferred and all subject to some measure of shareholder value," bank spokesman Bob Stickler told Rothacker. For example, Rothacker writes: The biggest potential payout for the four executives comes from "performance contingent restricted stock units." The company will dole out these stock grants on Feb. 15, but their final worth will depend on whether the company meets performance targets in the next five years. You can read the Observer's story here. Bloomberg's story is here, and The New York Times report is here.