BofA CEO compensation declined over 70 percent in 2010

Reuters

By Joe Rauch

CHARLOTTE, North Carolina (Reuters) - Bank of America Corp <BAC.N> senior executive compensation dropped sharply in 2010, because incentive pay for the largest U.S. bank by assets' top employees was rolled into 2011.

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Chief Executive Brian Moynihan, in his first full year as CEO, had his total compensation decline 70 percent to $1.94 million from $9.51 million in 2009.

Moynihan received a $950,000 base salary, but received no cash bonus, stock or option awards, or non-equity incentive plan compensation.

Other executives at the largest U.S. bank by assets saw similar declines in their total compensation.

Investment bank chief Thomas Montag -- whose 2009 compensation included a $29 million stock award related to the Merrill Lynch buyout -- received 2010 compensation of $831,248, a steep decline from $29.9 million a year before.

The drop in BofA's compensation appears to buck a trend among the largest U.S. banks, which have reported rising executive pay as the industry's earnings improved in 2010.

However, the decline is attributed largely to BofA's decision to award bonus shares for 2010 in early 2011.

Under SEC rules, pay awarded only in the 2010 calendar year can be included.

Earlier this year, the bank awarded Moynihan $9.1 million in performance restricted stock shares. Montag received $14.3 million in those shares.

The shares vest annually based on the company's total return on assets, ending in 2015.

Executives can receive all of the incentive award, should the bank posts a return on assets greater than 0.8 percent.

(Reporting by Joe Rauch, editing by Gerald E. McCormick)