BofA CEO to get 2010 base pay of $950,000: source

By IBTimes Staff Reporter | January 28 2010 3:08 PM

Bank of America Corp's new chief executive, Brian Moynihan, will receive a base salary of $950,000 this year, according to a source familiar with his employment agreement.

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That is 36 percent less than predecessor Ken Lewis's base pay in 2008 -- the last year he received a salary from the bank -- but is in line with the pay of chief executives at the other large U.S. banks that year.

Base salary is generally a small portion of a bank CEO's total compensation. Stock options, cash bonuses or other awards usually make up the bulk of their pay.

In 2009, a public furor over bank executives' pay and bonuses -- along with new government oversight -- led some banks to curb compensation for senior executives.

A Bank of America spokesman said the bank had no comment on Moynihan's pay.

Moynihan will earn more in base pay than Wells Fargo & Co Chief Executive John Stumpf earned in 2008 at the height of the financial crisis. Stumpf received $878,920, the lowest base salary among the four largest U.S. banks.

JPMorgan Chase & Co Chief Executive Jamie Dimon received $1 million in base pay that year, while Citigroup Inc CEO Vikram Pandit received $958,000.

Lewis received a base salary of $1.5 million in 2008. He forfeited any pay and bonus in 2009 and retired from the bank on December 31.

(Reporting by Joe Rauch; editing by John Wallace)