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Bank of America’s head of investment banking, Matthew Corder,’s compensation rose 5% last year despite an industry-wide trading slump as Wall Street banks also raised pay for market leaders.
Cordell, president of Bank of America’s corporate and investment banking division, was paid $16.5 million, up from $15.7 million a year earlier, according to a March 11 proxy statement. The investment bank has been battling weak trading activity for the past two years, and Mr. Corder’s 2023 dividend will be less than the $20 million he earned two years ago.
His 2023 compensation increased 11% to $21 million, remaining less than that of market head Jim Demare, who brought in $21 million a year. Both players had salaries of $1 million, but Demare was paid a $6 million bonus and Corder was paid $4.6 million.
Mr Cordell’s salary reflects the ‘highest paid GCIB’ [global corporate and investment banking] “Sales increased 13% from 2022 to $13.8 billion, and GCIB net income increased 54% from 2022 to $5.2 billion, a record high,” the bank said in a statement.
read Citigroup cuts investment bankers’ bonuses by up to 20% in review
Meanwhile, Demea “achieved record sales and trading revenues with zero trading loss days,” the bank said.
Bank of America is one of the few large Wall Street banks to keep dealmaker pay flat in 2023, even as industry-wide fees fell 15% last year following a hot year in 2022. was.
The company also avoided large cuts in its dealmaking teams, as rivals such as Citigroup, Goldman Sachs and Morgan Stanley cut tens of thousands of jobs last year. However, the company cut jobs in January, including some senior investment bankers.
The bank also gave chief financial officer Alastair Borthwick a 14% pay rise to $12 million. The bank said his salary reflects his commitment to expense management and his ability to “navigate a complex interest rate environment and maintain capital and liquidity levels that exceed regulatory requirements.” .
Despite pay increases for key executives, CEO Brian Moynihan will be paid $29 million in 2023, a 3% decrease for the year even though many of his colleagues received raises. Ta.
To contact the author of this article with feedback or news, email Paul Clarke
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