Tuesday, March 12, 2013

Bank of America, Wells Fargo executive compensation details to be reported

Bank of America and Wells Fargo are expected to disclose any day now how much their top executives made in 2012.

Spokesmen for the banks said Tuesday that proxy statements containing the compensation information are set to come out this month. The spokesmen said they couldn’t provide the dates on which the filings will be made.

According to a 2011 filing, Bank of America’s CEO, Brian Moynihan, received total compensation -- stock awards included -- of $8.08 million that year, up from $1.94 million the year before. Wells Fargo paid its CEO, John Stumpf, $19.8 million in total compensation in 2011, an increase from $18.9 million in 2010, according to its proxy statement from that year.

Moynihan, in 2010, had no stock awards, which in 2011 accounted for $6.1 million of his total compensation.

Last year, he was awarded $5.9 million in stock, and this year his stock bonus rose to $11 million.

The proxy statements don’t just include compensation details. They can also contain stockholder proposals and nominees for a bank’s board of directors.

Bank of America has managed to keep stockholder proposals regarding the bank’s dividend off its annual meeting ballot. It's also succeeded in keeping stockholder proposals on executive pay off the ballot.

Also this week, Bank of America -- and its investors -- are expected to learn whether the Federal Reserve will allow the bank to increase it dividend after it passed a Fed stress test last week. Bank of America's dividend is at 1 cent. The Fed will let the bank know Thursday whether that can be increased.


DolleyMadison said...

Glad to see that 85 BILLION we, the taxpayers, are giving the Banks EACH MONTH is going to good use....