Bank of America cut compensation for CEO Brian Moynihan by 3.3% to $29 million for 2023 after its annual profit fell 4%, the lender said in a filing on Friday.That compares with Moynihan's pay of $30 million for 2022. By contrast, rival JPMorgan Chase gave CEO Jamie Dimon a 4% pay increase to $36 million for 2023, while Morgan Stanley awarded Executive Chairman James Gorman a 17% bump to $37 million in his last year as CEO. Bank of America's board cited Moynihan's leadership and the company's success during "a period of considerable economic uncertainty" as factors behind its decision.
By Saeed Azhar and Manya Saini NEW YORK (Reuters) - Bank of America cut compensation for CEO Brian Moynihan by 3.3% to $29 million for 2023 after its .
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Morgan Stanley s asset
management division aims to double its private credit
portfolio to $50 billion in the medium term as it gathers funds
from large investors to loan out to companies. .
Morgan Stanley's asset management division aims to double its private credit portfolio to $50 billion in the medium term as it gathers funds from large investors to loan out to companies. The bank has invested more than $300 million into the business, which has already gathered about $25 billion in total assets from mainly institutional investors, David Miller, Morgan Stanley's global head of private credit and equity told Reuters in an interview. "The vast majority of new capital will continue to come over the next decade from our institutional clients," Miller said.