WASHINGTON, DC – SEPTEMBER 19: Bank of America CEO Brian Moynihan moderates a discussion with Warren Buffett, chairman of the board and CEO of Berkshire Hathaway Inc., in Gaston Hall at Georgetown University, September 19, 2013 in Washington, DC. Buffett also took questions from Georgetown students. (Photo by Drew Angerer/Getty Images)
The SEC Had Questions About a Bank of America Executive’s $15.5 Million Pay Package
How did the banking giant come up with his super-sized compensation?
Why was Bank of America’s BAC3.49% chief operating officer, Thomas Montag, paid so much more than most of the giant’s other executives in 2015?
The Securities and Exchange Commission raised the question in a June correspondence with CEO Brian Moynihan after reviewing the bank’s annual proxy filing. The emails rebuked the Bank of America for not adequately explaining how it determined executive compensation, and also singled out COO Montag, who was paid $15.5 million—the highest among the executives excluding Moynihan, who received $16 million.