New York — Bank of America awarded CEO Brian T Moynihan $20m for his work in 2016, raising his compensation 25%, while Citigroup cut CEO Mike Corbat’s 6.1% to $15.5m. Moynihan received $18.5m in stock grants for 2016, according to a regulatory filing on Friday, up from the $14.5m he received for 2015. He has not received a cash bonus since 2007. Corbat’s pay included a $4.2m cash award and $9.8m in shares that pay out over years based on performance. Both executives received salaries of $1.5m. Moynihan, 57, has worked to boost the lender’s profitability through cost reductions and by resolving legal matters left over from the financial crisis. The bank increased profit to $17.9bn in 2016, and Moynihan said in April he would cap expenses at $53bn by the end of 2018 — a $2bn drop from 2016. Despite dialling back costs, Moynihan did not achieve his long-term 60% efficiency ratio target in 2016. Bank of America, the second-largest US lender, ended the year with a 65% ratio of noninteres...
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