BofA's Moynihan gets 73 percent pay increase in 2012

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February 20, 2013 9:14 AM EST

Bank of America Corp Chief Executive Brian Moynihan's pay increased 73 percent in 2012 from the previous year to $12.1 million, as the bank gave him a bigger package of stock awards.

The second-largest U.S. bank gave Moynihan 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing on Tuesday.

Moynihan earned a $950,000 salary in 2012, but received no cash bonus, similar to 2011, a person familiar with the situation said. The CEO's 2013 salary will increase to $1.5 million, the person said.

The stock grants for 2012 were worth $11.1 million at the closing price of $12.03 on Friday, the date they were awarded. Moynihan received grants worth about $6.1 million for 2011.

Bank of America's shares rose 109 percent in 2012, the best performance among stocks in the Dow Jones Industrial Average, as investors grew confident it had the capital it needed to meet new international guidelines.

Moynihan, however, is still wrestling with losses from the bank's 2008 Countrywide Financial acquisition and is under pressure to show the bank can increase earnings at a time of low interest rates and tighter regulations.

(Reporting By Ben Berkowitz; Editing by Gary Hill and Andre Grenon)

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Copyright 2012 Thomson Reuters. All rights reserved.

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