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Bank of America boss takes pay cut— to $20.4-million

Pity the plummeting pay of our big-bank CEOs? Bank of America, the nation's No. 2 bank and the biggest bank operating in Florida, said Wednesday that CEO Ken Lewis, 60, was awarded about $20.4-million in compensation last year, an 11-percent pay cut from 2006, as mortgage-related write-downs caused BofA profits to fall. Lewis received a $1.5-million salary, $11.07-million of restricted stock, $3.38-million worth of stock options, $4.25-million of non-equity incentives and $212,211 of other compensation, including $127,643 for personal use of corporate aircraft and other items. He also realized $14.17-million in 2007 from the vesting of restricted shares. And what of Lewis's rival, Wachovia's 57-year-old CEO Ken Thompson? The head of the country's fourth-largest bank and a close competitor in the Florida market saw his compensation fall 14 percent to $15.65-million.

Bank of America boss takes pay cut— to $20.4-million 03/19/08 [Last modified: Thursday, March 20, 2008 9:19am]
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