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Brian Moynihan is the chairman and chief executive officer of Bank of America, one of the largest and most influential financial institutions in the world. He has been leading the bank since 2010, through various challenges and opportunities, with a focus on responsible growth and customer satisfaction. But how much does he earn for his role? What is his net worth and contract? How did he get to where he is today? And what are some interesting facts about his personal and professional life? In this article, we will answer these questions and more, based on the latest information available as of 2023.
Bank of America Chairman Salary
According to a filing with the Securities and Exchange Commission (SEC) on February 4, 2022, Bank of America boosted Moynihan’s compensation by 31% to $32 million for 2021, a year in which the bank set a record for profitability. His package included $1.5 million in salary and $30.5 million in stock-based incentive awards. This was a significant increase from his previous compensation of $24.5 million for 2020, when he took a 7.5% pay cut amid the pandemic.
Brian Moynihan’s Net Worth 2023
According to Trusted sources, Moynihan’s net worth is estimated to be between $65 million and $93.3 million as of October 2023. This is based on his salary, stock awards, and other assets. However, these figures are approximate and may differ depending on the source consulted.
Education
Moynihan was born on October 9, 1959, in Marietta, Ohio. He was the sixth of eight children in a family of Irish descent. He graduated from Brown University in 1981, where he majored in history, co-captained the rugby team, and met his future wife, classmate Susan E. Berry. He then earned a Juris Doctor from the University of Notre Dame Law School in 1984.
Partner
Moynihan is married to Susan Berry, whom he met at Brown University. They have three children together.
Family
Moynihan’s father was a chemist and his grandfather was a lawyer. He has seven siblings: Patrick, Kathryn, Mary Ellen, Kevin, Maureen, Elizabeth, and James.
Bio
Here is a brief summary of Moynihan’s bio in a table format:
| Name | Brian Thomas Moynihan |
|---|---|
| Date of birth | October 9, 1959 |
| Place of birth | Marietta, Ohio |
| Nationality | American |
| Ethnicity | Irish |
| Occupation | Chairman and CEO of Bank of America |
| Education | Brown University (BA), University of Notre Dame Law School (JD) |
| Spouse | Susan Berry |
| Children | Three |
| Net worth | Estimated between $65 million and $93.3 million as of October 2023 |
Conclusion
Brian Moynihan is one of the most powerful and influential bankers in the world. He has been leading Bank of America for over a decade, overseeing its growth, innovation, and social responsibility. He has also been rewarded handsomely for his performance, earning a hefty salary and stock awards. He has a rich and diverse background in law, finance, and management. He is married to his college sweetheart and has three children. He is also involved in various civic and philanthropic activities.
10 Most Asked Questions and Answers
Q: How old is Brian Moynihan? A: Brian Moynihan is 64 years old as of October 2023.
Q: How long has Brian Moynihan been the CEO of Bank of America? A: Brian Moynihan became the CEO of Bank of America on January 1, 2010.
Q: How much does Brian Moynihan make per year? A: Brian Moynihan made $32 million in total compensation for 2021.
Q: How much stock does Brian Moynihan own in Bank of America? A: According to the latest SEC filing on September 15, 2023, Brian Moynihan owned 2.33 million shares of Bank of America stock worth over $62 million at that time.
Q: Where does Brian Moynihan live? A: Brian Moynihan lives in Wellesley, Massachusetts.
Q: What are some of the achievements of Brian Moynihan as the CEO of Bank of America? A: Some of the achievements of Brian Moynihan as the CEO of Bank of America include:
- Leading the bank to record earnings of $32 billion in 2021.
- Resolving the legal and regulatory issues that stemmed from the financial crisis and the acquisition of Merrill Lynch.
- Transforming the bank’s culture and strategy to focus on responsible growth, customer satisfaction, and social impact.
- Investing in digital and mobile banking, artificial intelligence, and cloud computing to enhance the bank’s products and services.
- Supporting the bank’s employees, customers, and communities during the pandemic, by providing relief programs, financial assistance, health and safety measures, and charitable donations.
- Promoting diversity, equity, and inclusion within the bank and beyond, by increasing representation, pay equity, and career development for women and people of color, as well as supporting various causes and initiatives that advance social justice and economic opportunity.
Q: What are some of the challenges that Brian Moynihan faces as the CEO of Bank of America? A: Some of the challenges that Brian Moynihan faces as the CEO of Bank of America include:
- Navigating the uncertain and volatile economic environment caused by the pandemic, trade wars, geopolitical tensions, and climate change.
- Competing with other financial institutions, fintech companies, and non-bank players that offer similar or alternative products and services.
- Adapting to the changing needs and preferences of customers, especially millennials and Gen Z, who demand more convenience, personalization, and social responsibility from their financial providers.
- Managing the risks and costs associated with cybersecurity, data privacy, compliance, and regulation.
- Attracting and retaining talent, especially in the areas of technology, innovation, and diversity.
Q: What are some of the hobbies and interests of Brian Moynihan? A: Some of the hobbies and interests of Brian Moynihan include:
- Reading books on history, politics, economics, and biographies.
- Playing rugby, golf, tennis, and skiing.
- Traveling to different countries and regions.
- Supporting various cultural and educational institutions, such as museums, universities, libraries, and theaters.
Q: What are some of the awards and honors that Brian Moynihan has received? A: Some of the awards and honors that Brian Moynihan has received include:
- The American Ireland Fund Leadership Award in 2013.
- The Woodrow Wilson Award for Corporate Citizenship in 2014.
- The International Rescue Committee’s Freedom Award in 2016.
- The Carnegie Medal of Philanthropy in 2017.
- The American Banker’s Banker of the Year in 2018.
Q: How can I contact Brian Moynihan? A: You can contact Brian Moynihan through various channels, such as:
- Email: brian.t.moynihan@bankofamerica.com
- Phone: (980) 386-5100
- Mail: Bank of America Corporate Center 100 North Tryon Street Charlotte NC 28255 USA
