BofA chief’s stock options shrink
Bank of America Corp. chief executive Kenneth D. Lewis saw his stock options drop 8% to $10.8 million last year, compared with $11.7 million in 2005, according to Financial News.
The Charlotte, N.C.-based bank gave Mr. Lewis 263,770 shares of the company this year priced at $40.85 a share, according to an SEC filing.
His full compensation package for the year has yet to be released.
Mr. Lewis was involved in its purchase of private bank U.S. Trust from San Francisco-based Charles Schwab Corp., while cutting costs within Bank of America’s operations.
The announcement comes days after Bank of America said it would cut 43 jobs in its specialist business and would reduce its staff in the unit to 65 people in the next month, from 165 employees as of Jan. 1.
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