Bank of America Executives Receive Salary Increases Despite Reduction in CEO’s Pay

Bank of America Corp. recently announced significant salary increases for two of its top executives, just a month after revealing a reduction in compensation for Chief Executive Officer Brian Moynihan for the year 2023.

Alastair Borthwick, the Chief Financial Officer, saw his total earnings jump by 14% to $12 million in the last year. Meanwhile, Jim DeMare, who leads the bank’s global markets division, experienced an 11% increase in his salary, bringing it to $21 million, as per the latest proxy report released by Bank of America on Monday. Notably, DeMare’s earnings were only surpassed by Moynihan’s, which stood at $29 million, marking a 3% decrease from the year before.