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View Diary: Bank of America CEO is 'incensed' that his customers are angry about being gouged (228 comments)

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  •  $10 million compensation is not crumbs! (13+ / 0-)
    It was a tough year for Bank of America, what with the foreclosure mess and a sagging stock price. Its chief executive, Brian T. Moynihan, nonetheless received $10 million in his first year on the job.

    Mr. Moynihan will get a bonus of $9.05 million in the form of restricted stock, along with a base salary of $950,000, bringing his total pay to $10 million for 2010. In 2009, before Mr. Moynihan took over as chief executive, he received a total of $6.1 million in compensation.

    Mr. Moynihan’s base salary did not go up, however, and he received no cash bonus, a reflection of Bank of America’s slow recovery from the financial crisis, when it received two bailouts from Washington totaling $45 billion. What is more, Mr. Moynihan will have to fulfill performance goals to earn the full $9.05 million.

    •  Those performance goals (10+ / 0-)

      need to change.

      Rather than based on stock price, maybe they should be based on customer satisfaction, number of accounts, number of credit card accounts that are current, have balances and make money for the company, increase in deposits, number of local branches, and profit.  

      Then it would make sense to have more local branches, please your customers, have people be current on their bills (and possibly paying lower interest rates than the usurious ones now), and making money.

      Forget the stock price. If you do those other things, the stock price will go up by itself.

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