Despite Bank of America’s (BAC) stock price plunging over 50% in 2011, we’ve just learned that CEO Brian Moynihan made just over $8 million for his work there last year – up from $1.9 million in 2010.
In January of 2011, Bank of America’s stock price was sitting at $14 plus per share and just $5.56 on the last day of trading in that same year.
Since the beginning of 2011, the company has encountered a whole host of problems and impacting factors both outside and inside of their control. In the beginning of that year investors worried about the company’s need for more capital to absorb mortgage-related losses and meet new international capital standards. Then in the Fall, consumers ran from BofA with the threat of new checking account fees that were being imposed by BofA in an attempt to open up new revenue streams. They backed off this idea after massive consumer and media backlash, however, despite rescinding the idea significant damage had already be done. In fact, many of the country’s credit unions saw record market share gain as new customers flocked from BofA and other big banks imposing these new fees.
Bank of America’s stock price has since rebounded from it’s sub $6 low in 2011 after passing the Federal Reserve’s stress test this March. Today the stock is trading at nearly $9.75 per share.