Report: Bank of America CEO Moynihan to receive 19 percent raise to $950,000 a year

Report: BofA CEO Moynihan to make $950,000

CHARLOTTE, N.C. — Bank of America’s new CEO, Brian Moynihan, will make $950,000 a year, The Wall Street Journal reported, citing people familiar with the matter.

The bank’s board of directors has approved the salary, which is 19 percent more than Moynihan’s 2008 base pay, according to the report.

Moynihan, 50, took over as CEO at the Charlotte, N.C.-based bank Jan. 1. He succeeded Ken Lewis, who typically received a base salary of $1.5 million, the Journal reported.

Moynihan’s salary doesn’t include any bonus he might collect for 2010 performance. His bonus will be decided early next year, the Journal said.

Calls to Bank of America for comment Thursday were not immediately returned.

Typically, executive compensation is disclosed in regulatory filings with the Securities and Exchange Commission.

Shares of Bank of America rose 5 cents to $15.24 in late morning trading.