Compensation
BofA Increases Base Pay to Keep Top-Tier Bankers
- Managing directors see base pay rise to $500,000 from $400,000
- Bank’s directors and associates also see base salaries rise
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Bank of America Corp. is boosting pay for senior bankers in an effort to retain top talent.
The company increased base salaries for its managing directors in investment banking and markets to $500,000 from $400,000, according to people with knowledge of the matter. Directors are getting a bump to as much as $350,000 this year from $250,000, the people said, asking not to be identified discussing plans that aren’t public. Beyond their salaries, finance-industry employees in such positions receive a significant portion of their compensation in bonuses.