Brian Moynihan, in his first year as chief executive of Bank of America, the largest U.S. bank by assets, received $1.9 million for his 2010 work, a steep drop-off from the prior year, according to the bank's proxy filing.
A key reason for the decline is that Bank of America awarded executives bonuses for 2010 that will only pay out if they meet performance goals in future years.
Moynihan's 2009 total compensation was valued at $6.5 million, $5.2 million of which was stock awards. In January the bank had said Moynihan could earn a bonus up to $9.05 million for 2010, but it is contingent upon future performance.
Chief financial officer Charles Noski's 2010 compensation was valued at $1.1 million, down from $6.1 million a year ago.
The highest paid executive disclosed in the proxy for 2010 was Bruce Thompson, the chief risk officer, who received $11.4 million, $8.8 million of which was in stock awards.
Sallie Krawcheck, head of global wealth and investment management, received $6.2 million in the year.
Thomas Montag, who heads the investment bank operations, was paid an $800,000 salary in 2010; his total compensation for the year is valued in the proxy at $831,248, a huge drop from the $29.9 million he received in 2009.
However, in compensation that vests over time, Montag received a grant of up to $14.3 million in restricted stock and another $900,000 in special stock units, according to the bank's compensation plan in January. The plan disclosed that Montag could be the highest paid among executives named in the proxy for 2010 if his performance targets in the future are hit.
In 2009, Montag's compensation included a large restricted stock award that was promised in his contract when he signed with Merrill Lynch in May 2008, before Bank of America purchased the investment bank.
Moynihan, Montag and several other executives received an accelerated payment on some of their deferred 2009 compensation in 2010 as a result of the bank repaying its Troubled Asset Relief Program funds in 2009.
In 2010, Bank of America posted a $2.2 billion loss as Moynihan tried to right the ship and put the financial crisis behind it. Moynihan earlier this month touted the future earnings ability of the bank and pledged the bank would again generate rising earnings and shareholder returns.
David Benoit is a reporter for Dow Jones. Write to him here.
This story originally appeared on Dow Jones Newswires.