Bank of America lifts Moynihan’s pay 17% to $41 million for 2025

The board granted Moynihan an unchanged base salary of $1.5 million and no cash bonus, “consistent with prior years,” along with equity incentive awards totaling $39.5 million, according to a regulatory filing Friday. A year ago, Moynihan’s compensation was increased 21% to $35 million after the bank was able to boost its earnings. 

Moynihan’s new pay package follows a year in which Bank of America reported net income of $30.5 billion, up 13.1% from 2024. The Charlotte, North Carolina-based lender is focused on increasing revenue while also keeping expenses in check, using technology, including artificial intelligence, to contain costs. 

In determining Moynihan’s pay, the bank said its board acknowledged his “leadership in driving growth for shareholders,” including “disciplined expense management,” according to the filing.

Moynihan, one of the longest-serving heads of a large US bank, has signaled his interest in staying on for years to come. The 66-year-old CEO steered the lender through the pandemic after taking the helm 16 years ago in the wake of the global financial crisis.

Under Moynihan’s leadership, the firm set a slew of new financial targets at its first investor day in almost 15 years. The goals, which included a pledge to keep a firm grip on spending, were outlined in a bid to boost shares that have trailed those of other large US banks.

Bank of America’s larger rival, JPMorgan Chase & Co., increased CEO Jamie Dimon’s compensation 10.3% to $43 million for 2025. Goldman Sachs Group Inc. paid its leader, David Solomon, $47 million for his work in 2025, up 21%. Morgan Stanley boosted CEO Ted Pick’s pay 32% to $45 million, while Wells Fargo & Co. raised Charlie Scharf’s compensation 28% to $40 million and Citigroup Inc. paid Jane Fraser $42 million, a 22% increase.