Feb 16, 2016 05:35 AM EST

Bank Of America CEO Gets $3 Million Pay Increase, $16 Million Total

Brian T. Moynihan, Chief Executive Officer of Bank of America Corp., was recently awarded with a pay raise of $3 million and a total package of $16 million, which is 23 percent more than what he previously received from the second-biggest bank in the U.S.

Based on regulatory filings posted on Friday, in 2015, Moynihan received $14.5 million in stock grants and left his salary intact at $1.5 million. In 2014, Bank of America Corp. paid the CEO a total package of $13 million.

However, most of the earnings Moynihan will receive from the bank are in the form of restricted stock. To be able to get his hands on this big money, Bank of America Corp., and Moynihan have to satisfy certain requirements.

About one-half of the monies Moynihan will receive for 2015 will be in company stocks connected to over a three-year period going up to 2018. For Moynihan to receive the amount in full, the bank must satisfy its 'growth goals' for return on its assets and adjustable tangible book value in the inclusive period.

Although profit figures in 2015 is quite positive, the annual revenue profit of the Charlotte-based bank fell. Some financial analysts even questioned the ability of Bank of America Corp. to keep reducing its costs, an important key in Moynihan's financial strategy.

The North Carolina-based bank is also under pressure to get good grades in the stress test of the Federal Reserve Bank of the United States. It failed its past two submissions given to the regulating agency and the deadline of its next submission is on April.

In 2015, Bank of America Corp. stocks fell 5.9 percent, which is more than a 1.6 percent drop in the KBW (Keefee, Bruyette & Woods) Nasdaq Bank index.

Although it appears that Moynihan is about to get his hands on big money, that amount pales in comparison to what James Dimon, CEO of J.P. Morgan Chase & Co. will receive from his bank. It is a cool $27 million for 2015, an increase of 35 percent.

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