Bank of America Corporation reported a Form 8-K to the SEC on February 2, 2024, detailing various aspects of its operations and executive compensation. The report highlighted that the Board of Directors approved a total compensation of $29 million for CEO Brian T. Moynihan for 2023, a slight decrease from the previous year's $30 million. The Board's decision was influenced by the company's performance and Moynihan's leadership during economic uncertainty. Bank of America's net income for 2023 was $26.5 billion, marking a 4% decrease from 2022. However, excluding a special FDIC assessment and a Bloomberg index cessation-related charge, the adjusted net income was $29.3 billion, up 6% from the previous year. The company's balance sheet remained strong with substantial shareholders' equity and liquidity, and...Show More

Bank of America Corporation reported a Form 8-K to the SEC on February 2, 2024, detailing various aspects of its operations and executive compensation. The report highlighted that the Board of Directors approved a total compensation of $29 million for CEO Brian T. Moynihan for 2023, a slight decrease from the previous year's $30 million. The Board's decision was influenced by the company's performance and Moynihan's leadership during economic uncertainty. Bank of America's net income for 2023 was $26.5 billion, marking a 4% decrease from 2022. However, excluding a special FDIC assessment and a Bloomberg index cessation-related charge, the adjusted net income was $29.3 billion, up 6% from the previous year. The company's balance sheet remained strong with substantial shareholders' equity and liquidity, and it returned $12 billion to shareholders through dividends and stock repurchases. The stock price saw a modest increase, outperforming the KBW Bank Index. Bank of America also raised the minimum hourly wage for U.S. employees to $23 and announced a new sabbatical program for long-serving employees. The company experienced loan growth, wealth management inflows, and added new consumer and investment accounts. It continued to invest in communities with nearly $290 million in philanthropic contributions and significant employee volunteer hours. Moynihan's compensation package includes a $1.5 million base salary and $27.5 million in equity incentives, with no cash bonus, structured to align with the company's future financial performance.