Bank of America CEO Brian Moynihan is getting a big pay raise this year.
The Charlotte, North Carolina-based bank said Friday that its board of directors awarded Moynihan a pay package of $20 million for 2016, up from his package of $16 million for his work in 2015.
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Most of that pay package will come in the form of stock, roughly $18.5 million, compared with Moynihan's $1.5 million base salary.
The board said the pay was reflective of the big jump in profits the bank experienced in 2016. BofA earned $17.9 billion in full-year profits last year, up 13 percent from 2015. It was Bank of America's second-largest full-year profit ever.