Montag’s BofA Pay Cut 9.7%, Still Paid More Than His Boss
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Bank of America Corp. Chief Operating Officer Thomas K. Montag was paid more than his boss, Brian T. Moynihan, for the fifth straight year, even as the firm cut Montag’s compensation by 9.7 percent amid tough trading markets.
Montag was awarded $14 million in total compensation for last year, including $7.8 million in shares, a $5.2 million cash bonus and $1 million salary, the Charlotte, North Carolina-based bank said Thursday in a filing. That compares with $13 million for Chief Executive Officer Moynihan.