Summary
Bank of America Corporation (BAC) announced in an 8-K filing that its Board of Directors approved 2023 total compensation for Chair and CEO Brian T. Moynihan of $29,000,000, a slight decrease from $30,000,000 in 2022. This decision was based on the Board's evaluation of the company's performance and Mr. Moynihan's leadership amidst economic uncertainty, under the "Responsible Growth" operating model. The company reported $26.5 billion in net income for 2023, which included significant pre-tax charges totaling $3.7 billion related to the FDIC special assessment and a Bloomberg Short-Term Bank Yield Index cessation. Excluding these items, net income was $29.3 billion, a 6% increase year-over-year, reflecting strong organic growth and diligent expense management.
Key Highlights
- 1CEO Brian T. Moynihan's total 2023 compensation set at $29 million, down from $30 million in 2022.
- 2Company net income for 2023 was $26.5 billion, with an adjusted net income of $29.3 billion (6% increase) after excluding $3.7 billion in pre-tax charges.
- 3Strong balance sheet noted with approximately $292 billion in shareholders' equity and $897 billion in liquidity.
- 4Returned $12 billion to shareholders in 2023 through dividends and common stock repurchases.
- 5Raised the minimum hourly wage for U.S. employees to $23, with a commitment to reach $25 by 2025.
- 6Generated $8 billion in loan growth, exceeding $1.05 trillion in total loans.
- 7Wealth Management saw record net new relationships (40,000) and strong client balances ($5.4 trillion).