Base pay for Bank of America’s Moynihan under $1M: Source

Bank of America's new CEO, Brian Moynihan, will make a salary of $950,000 a year, a person familiar with his pay package said Thursday. That amount reportedly gives Moynihan an almost 20 percent raise, but leaves his base pay well short of his predecessor's.

Bank of America’s new CEO, Brian Moynihan, will make a salary of $950,000 a year, a person familiar with his pay package said Thursday. That amount reportedly gives Moynihan an almost 20 percent raise, but leaves his base pay well short of his predecessor’s.

The bank’s board of directors has approved the salary, the person said, who spoke on the condition of anonymity because the information is not yet being made public.

Moynihan is receiving 19 percent more than his 2008 base pay, The Wall Street Journal reported late Wednesday, citing people familiar with the matter.

Moynihan, 50, took over as CEO at the Charlotte, N.C.-based bank Jan. 1. He succeeded Ken Lewis, who typically received a base salary of $1.5 million.

Moynihan’s salary doesn’t include any bonus he might collect for 2010 performance. His bonus will be decided early next year, the Journal said.

Typically, executive compensation is disclosed in regulatory filings with the Securities and Exchange Commission.