NEW YORK, Feb 17 (Reuters) - Bank of America Corp raised Chief Executive Officer and Chairman Brian Moynihan’s compensation by 25 percent in 2016 after the second-largest U.S. bank grew profits by 13 percent.
Moynihan’s total compensation was $20 million, up from $16 million in 2015. As has been the case in prior years, his award includes a base salary of $1.5 million and no cash bonus. The remainder comes in units that can be converted into stock. Fifty percent of those units are subject to performance hurdles that must be met in later years. (Reporting by Dan Freed; Editing by Lisa Shumaker)