Bank of America is giving CEO Brian Moynihan a nice raise.
The CEO was granted $11.1 million in restricted shares for 2012, according to a regulatory filing made Tuesday by the bank. Moynihan's base salary is reportedly $950,000, making for a total pay package of just more than $12 million.
The compensation package is much larger than in 2011, when Moynihan was paid $7 million.
The $12 million haul places Moynihan near the middle of the bank CEO compensation rankings. Moynihan just edged out JPMorgan's (Fortune 500) Jamie Dimon, whose , bonus was slashed by 53% amid fallout from the bank's so-called London Whale trading losses.
Moynihan's pay hike comes as BofA's outlook brightens, as the bank has reduced litigation risk over the past year and reported revenue growth.
Investors have rewarded the megabank, pushing its share price from less than $6 in January 2012 to $12.19 on Tuesday.
Bank of America (Fortune 500) isn't the only large bank to perform well. Shares of large-cap banks rallied between 25% and 50% last year. ,
The rally came as lending rebounded and credit quality improved, driven by a wave of mortgage refinancing last year. Profits were also bolstered by the release of funds previously used for loan loss provisions.
Analysts say bank stocks could get a boost in March, when the Federal Reserve is scheduled to release results from last year's so-called stress tests. This could pave the way for banks to repurchase shares and possibly boost dividend payments.
So far, banks have been able to offset low interest rates by managing expenses and cutting costs. Morgan Stanley (Fortune 500), for example, has announced plans to cut 1,600 jobs. ,
|AT&T cuts prices again|
|The medical marijuana ad that never aired, despite contrary media headlines|
|Can Fox's reboot of 'Cosmos' find an audience?|
|Chrysler Group orders donated Vipers destroyed|
|Boeing reports wing cracks on Dreamliners|