© Reuters. FILE PHOTO: Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on “Annual Oversight of the Nation’s Largest Banks”, on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn
NEW YORK (Reuters) – Bank of America Corp (NYSE:) reduced compensation for Chief Executive Officer Brian Moynihan by roughly 6% to $30 million for 2022, the lender said in a filing on Friday.
That compares with Moynihan’s total pay of $32 million for 2021.
U.S. banks have cut or frozen pay for their top executives in recent weeks, citing challenging economic and business conditions. They have also reported shrinking profits and set aside rainy-day funds to prepare for a possible recession.
Goldman Sachs Group Inc (NYSE:) slashed compensation for CEO David Solomon by 29% to $25 million for 2022, while his counterpart at Morgan Stanley (NYSE:), James Gorman, got a 10% pay cut to $31.5 million. At JPMorgan Chase & Co (NYSE:), Jamie Dimon’s compensation was held steady at $34.5 million.