Bank of America agreed to pay CEO Brian Moynihan $41 million for 2025, the bank disclosed Friday.
With that, a perhaps surprising trend has emerged among the six largest U.S.-based global systemically important banks: The longer a CEO has served, the lower his or her raise was in 2025, generally.
Jamie Dimon, who has led JPMorgan Chase since 2006, received a 10.3% boost from his 2024 pay.
Moynihan, who has served in BofA’s top role since 2010, saw a 17.3% raise from his $35 million payout in 2024.
Goldman Sachs CEO David Solomon’s pay jumped 20.5% in 2025. He’s been the bank’s chief executive since 2018.
At the other end of the scale is Ted Pick, the newest CEO among the six – minted in 2024. Morgan Stanley gave Pick a 32.4% raise for last year.
The exceptions to the indirect correlation between pay boost and time served are at Citi and Wells Fargo.
Charlie Scharf, who became Wells’ CEO in 2019, saw a 28.2% pay jump in 2025. Meanwhile, Citi CEO Jane Fraser – newer than Scharf to the CEO role by about a year and a half – received a 21.7% boost in compensation from 2024. Credit Wells digging out from its Federal Reserve-imposed asset cap for the anomaly.
Perhaps another surprise: Moynihan’s $41 million payday for 2025 ranks him second-to-last among his peers. Only Scharf, at $40 million, trails him, while Solomon ($47 million), Pick ($45 million), Dimon ($43 million) and Fraser ($42 million) outearned the BofA CEO in 2025.
Moynihan’s compensation breaks down to a $1.5 million annual salary, $39.5 million in equity incentives and no cash bonus. Cash-settled restricted stock units, vesting over the next year, comprise 30% of the incentive. Stock-settled restricted stock units, which vest annually over the next four years, comprise 20%. The remaining half is made up of stock-settled performance-based stock units.
That may also explain why Moynihan’s raise is couched where it is. Bank of America’s stock price rose 25% in 2025. But it increased 31% in 2024. On that metric alone, the bank may have been reluctant to give Moynihan a bigger pay bump for last year than the 21% it gave for the year before.
The performance-based stock units “must be re-earned based on the Company’s future financial performance from 2026-2028,” Bank of America wrote Friday in its disclosure.
The bank also laid out a hypothetical scenario, under which it would need to achieve $92 billion in aggregate net income between 2026 and 2028 – or nearly $31 billion per year – for Moynihan to receive a 100% target payout. For reference, the bank saw $30.5 billion in net income last year, a 13% increase from 2024.
Moynihan is eligible to receive a 150% maximum payout if Bank of America achieves $37 billion per year in earnings for the next three years, the bank said, adding that it has never done that.
The bank did, however, credit Moynihan’s “leadership in driving growth for shareholders, and supporting communities and employees in 2025.”
To that end, Bank of America achieved its long-held goal of lifting its minimum wage to $25 an hour.
Moynihan also has helped the bank foster a handful of rising leaders. Bank of America last year named Dean Athanasia and Jim DeMare as its co-presidents, gave an expanded role to retail-banking chief Holly O’Neill, gave CFO Alastair Borthwick a title bump and tapped Hari Gopalkrishnan as its next tech chief.
At its investor day in November, BofA executives laid out renewed consumer-banking expectations, including expanded payments capabilities, credit card features and market growth. That includes a continued focus on artificial intelligence.
