Bank of America Corp. Chief Government Officer Brian Moynihan’s complete compensation declined 6.3% to $30 million for his work in 2022, a yr by which revenue tumbled and the shares sank.

The board granted Moynihan $1.5 million in wage and $28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender stated Friday in a submitting. A yr in the past, Moynihan’s compensation was boosted 31% to $32 million because the agency set a report for profitability. 

The pay package deal follows an industrywide concentrate on compensation and different bills amid a hunch in dealmaking and concern concerning the affect a possible recession would have on Wall Road income.

Financial institution of America is looking for to reward its finest workers whereas holding a lid on prices. The agency has already been compelled to scale back on hiring plans, even because it added headcount within the fourth quarter. Web earnings in 2022 fell to $27.5 billion from a report $32 billion a yr earlier.

This yr, the agency is awarding a pool of restricted inventory to workers who earn as much as $500,000 to retain staff. It’s the sixth yr the financial institution has paid such awards, which now complete greater than $4 billion. 

The financial institution’s shares plunged virtually 26% in 2022. The inventory has rebounded about 10% since then, to $36.43 on the shut of standard buying and selling in New York Friday.

Moynihan, 63, was promoted to CEO in 2010 within the wake of the worldwide monetary disaster, and has steered the lender by means of the pandemic. He has signaled his curiosity in staying on for years to return.

Different US finance corporations have turned to layoffs, with executives touting the necessity to reduce prices in a difficult financial setting. That’s triggered some financial institution leaders to take a success to their pay.

Goldman Sachs Group Inc. CEO David Solomon’s compensation for 2022 fell 30% to $25 million, whereas Morgan Stanley’s James Gorman received a ten% pay reduce to $31.5 million. In distinction, JPMorgan Chase & Co. held Jamie Dimon’s pay regular at $34.5 million.

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