Bank of America has approved a $41 million total compensation package for CEO Brian Moynihan for 2025, marking a 17.1% increase from the previous year. Moynihan, a long-standing figure in the banking industry, assumed leadership in 2010 and guided the bank’s recovery following the 2008 financial crisis. Bank of America is a multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. It provides a diverse range of financial services to individuals, small- and middle-market businesses, and large corporations.
The compensation package consists of a $1.5 million base salary, with the remaining amount allocated to equity incentives. In 2024, Moynihan’s total compensation was $35 million. The bank highlighted Moynihan’s role in the company’s strong financial performance, employee welfare initiatives, and philanthropic contributions as factors influencing the compensation decision. According to a filing, Bank of America’s profits jumped to $30.5 billion from $27 billion the year before.
Other Wall Street leaders have also seen similar increases in compensation following a strong year for the financial sector. Jane Fraser of Citigroup, the first woman to lead a major U.S. bank, received $42 million. Wells Fargo’s Charlie Scharf’s compensation was $40 million for 2025, and JPMorgan Chase’s Jamie Dimon received $43 million. Goldman Sachs’ David Solomon and Morgan Stanley’s Ted Pick were paid $47 million and $45 million respectively last year.
Last month, Bank of America exceeded fourth-quarter profit estimates, with traders capitalizing on volatile markets and increased income from interest payments. The lender’s shares concluded the year with approximately a 25% gain, marking the third consecutive year of growth. Following these results, Bank of America announced approximately $1 billion in equity awards to all employees, excluding senior management, continuing a nine-year trend of employee recognition.
