According to recent reports, new Bank of America (NYSE: BAC) CEO Brian Moynihan will receive a base salary of $950,000 a year, marking a 19 percent bump from his 2008 pay rate. However, the chief executive will not receive any kind of bonus for 2009, according to a source familiar with the item.
The news hit following a report by the Wall Street Journal. According to the Journal’s report Pay Czar Kenneth Fienberg was not consulted about Moynihan’s pay package.
The pay rate for the chief executive does not include any performance bonus he may receive in 2010. Moynihan’s bonus would be deliberated early next year, according to the report.
The exact compensation package will be confirmed when Bank of America makes it official filing with the Securities and Exchange Commission.
Brian Moynihan, 50, took over as Bank of America CEO in late December following the retirement of former chief Ken Lewis.
