The board granted Moynihan $1.5 million in wage and $28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender mentioned Friday in a submitting. A yr in the past, Moynihan’s compensation was boosted 31% to $32 million because the agency set a file for profitability. 

The pay bundle follows an industrywide give attention to compensation and different bills amid a stoop in dealmaking and concern concerning the influence a possible recession would have on Wall Road income.

Financial institution of America is in search of to reward its finest workers whereas preserving a lid on prices. The agency has already been compelled to cut back on hiring plans, even because it added headcount within the fourth quarter. Web revenue in 2022 fell to $27.5 billion from a file $32 billion a yr earlier.

This yr, the agency is awarding a pool of restricted inventory to workers who earn as much as $500,000 to retain employees. It’s the sixth yr the financial institution has paid such awards, which now complete greater than $4 billion. 

The financial institution’s shares plunged nearly 26% in 2022. The inventory has rebounded about 10% since then, to $36.43 on the shut of normal buying and selling in New York Friday.

Moynihan, 63, was promoted to CEO in 2010 within the wake of the worldwide monetary disaster, and has steered the lender by means of the pandemic. He has signaled his curiosity in staying on for years to come back.

Different US finance firms have turned to layoffs, with executives touting the necessity to minimize prices in a difficult financial atmosphere. That’s prompted some financial institution leaders to take successful to their pay.

Goldman Sachs Group Inc. CEO David Solomon’s compensation for 2022 fell 30% to $25 million, whereas Morgan Stanley’s James Gorman bought a ten% pay minimize to $31.5 million. In distinction, JPMorgan Chase & Co. held Jamie Dimon’s pay regular at $34.5 million.