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Bank of America’s Brian Moynihan: Time to switch up negotiation strategies

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The article discusses the pay negotiation tactics of Bank of America CEO Brian Moynihan. While the investment bank’s rank and file seem content with their bonuses for 2023, Moynihan’s pay cut from $30 million in 2022 to $29 million in 2023 has raised concerns of him feeling undervalued compared to his CEO peers at other banks who have received higher pay. The article suggests that Moynihan’s pay cut for two consecutive years may be due to the fact that he has indicated his intention to stay on as CEO for years to come, diminishing his leverage in negotiations. While the bank’s board has praised Moynihan for his leadership and the bank’s success, it seems that Moynihan’s pay cut may be more driven by the bank’s ability to pay him less rather than performance-based reasons.

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