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Bank of America amends pay for senior executives

Last Updated: Saturday, November 28, 2009 - 10:45

New York: Bank of America Corp, the largest US bank, amended on Friday the compensation agreements of two senior executives, following a review by the pay czar.

According to a regulatory filing, Chief Financial Officer Joe Price and mortgage head Barbara Desoer had their annual salaries set at USD 500,000.
In addition, Price will get "stock unit awards" valued at USD 5.25 million, while Desoer will receive USD 3.95 million in stock, the Charlotte, North Carolina-based bank said.

The adjustments were retroactive to November 1, the filing said.

In a regulatory filing in March, Bank of America said the 2008 salaries of Price and Desoer were USD 800,000.

Both executives also received stock and option awards that increased the total 2008 compensation for Price to USD 4.02 million, and Desoer`s compensation to USD 7.42 million.

Bank of America`s compensation plans are reviewed by the US Treasury`s special master for executive pay, Kenneth Feinberg, as the bank took USD 45 billion of bailout funds.
The bank is looking for a new chief executive after CEO Kenneth Lewis announced he would retire by year-end following months of being dogged by a series of government investigations into the company`s acquisition of Merrill Lynch.

Bureau Report

First Published: Saturday, November 28, 2009 - 10:45
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