It's been a good year for Bank of America and CEO Brian Moynihan is reaping the benefits. The company has rewarded its CEO, Brian Moynihan, with $16 million after its profits nearly doubled under his executive supervision, the Washington Post reports. This $16 million raises his compensation by almost 23 percent for the year.
It includes a $1.5 million cash salary bump and $14.5 million in restricted shareholdings, The New York Times reports.
"Bank of America in 2015 demonstrated continued progress as a result of its strategy of simplifying the company," the company said in a statement.
This is not the first time Moynihan has been given a hefty bonus. In 2014, Moynihan received $13 million for getting the bank through mortgage security investigation settlements.
In 2015, Bank of America earned $15.89 billion, which was a substantial increase from 2014, when the company saw $4.83 billion in profits. In 2013, the company earned $11.43 billion, according to Reuters.
Even though this pay hike might seem outrageous, he is still one of the lower paid CEOs on Wall Street. JPMorgan Chase CEO Jamie Dimon received $27 million last year. Goldman Sachs CEO Lloyd Blankfein received $23 million last year, and Morgan Stanley CEO James Gorman received $22.5 million.
