Bank of America Chief Executive Brian Moynihan will be paid $950,000 a year for his new job, the Wall Street Journal reported on Wednesday.

The bank's board of directors has approved the salary, which is 19 percent more than Moynihan's 2008 base pay, according to the Journal.

Moynihan will not receive a bonus for 2009, the Journal reported, citing sources familiar with matter. Pay czar Kenneth Feinberg was not consulted, the source said.

Bank of America could not immediately be reached for comment.

By comparison, former CEO Kenneth D. Lewis typically received a base salary of $1.5 million, the Journal said.

(Reporting by Clare Baldwin in New York; Editing by Gary Hill)