Bank of America Corp (BAC:US). Chief Executive Officer Brian T. Moynihan said compensation for employees this year will be tied to individual results.
“We’re a pay-for-performance company,” Moynihan said today in London during a Bloomberg Television interview. “If you had a good year, you’ll get paid for it, and we’ll work out that over the next few weeks as we finish up the year.”
The CEO also said the Charlotte, North Carolina-based bank is sticking with its business model (BAC:US) that mixes consumer and investment banking.
Moynihan, 53, is trimming staff and operations to reduce costs after new laws and regulations designed to curb risk cut into consumer and trading profits. Moynihan took over in 2010 after the company repaid a $45 billion federal bailout. Since then, he’s sold more than $60 billion in assets to streamline the firm and build capital. Bank of America now ranks second by assets among U.S. lenders behind JPMorgan Chase & Co. (JPM:US)
To contact the reporter on this story: Hugh Son in New York at email@example.com
To contact the editor responsible for this story: Rick Green at firstname.lastname@example.org