BofA’s investment banking chief receives $29.9m

2 March 2010

Tom Montag, Bank of America’s (BofA) head of investment banking, was awarded $29.9 million during 2009, reports have claimed.

According to a proxy statement, the banker received the money as part of an agreement made with Merril Lynch when he joined the business in April 2008, four months before it was acquired by BofA.

The payment consisted of $586,539 as a base salary and $29.31 million awarded in shares and stock.

Frank Glassner, chief executive officer at Veritas Executive Compensation Consultants, told Bloomberg: “With regard to BofA, this is another example of pay for attendance rather than pay for performance.”

By comparison, Brian Moynihan, the successor to Kenneth Lewis, a recently retired CEO at the company, was awarded a total pay packet of $6.5 million for 2009.

The Wall Street Journal reported that the same filing from BofA showed that Mr Lewis, was awarded more than $80 million as part of his retirement package.

Greg Curl, risk management executive at BofA, received an estimated $10 million as reward for work in 2009.

He is expected to retire from his position by the end of March 2010.

By Jim Ottewill

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