BoAs investment bank chief earns table-topping $30m

By James Quinn, US Business Editor in New York Published: 9:48PM GMT twenty-six February 2010

Mr Montag, prior to tellurian head of bonds at Goldman Sachs, was awarded the pay-out in annoy of the actuality that, for the infancy of last year, BoA due the US Treasury $45bn in collateral payments and had an $118bn loan-loss pledge from sovereign regulators.

Although the bank has given cut the supervision ties repaying the $45bn in Dec and finale the pledge in late Sep the remuneration package will lift concerns that US banks are returning to pre-financial predicament practices when it comes to compensate and bonuses.

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Bank of America requisitioned a bottom-line loss of $2.2bn last year, opposite a distinction of $2.55bn in 2008.

Until now, the rather annoying pretension of most appropriate compensated Wall Street senior manager for 2009 had been hold by John Stumpf, authority of Wells Fargo, who warranted $18.7m.

Mr Montag"s 2009 gain are some-more than 3 times the $9m Lloyd Blankfein, his former trainer at Goldman, took home last year, and 40pc some-more than the $17.6m Jamie Dimon, authority of JP Morgan Chase, was awarded.

The remuneration is additionally significantly higher than the $4.2m handed to effusive arch senior manager Ken Lewis, or the $6.5 awarded to Brian Moynihan, BoA"s sell promissory note arch who took over from Mr Lewis at the finish of the year.

Mr Montag"s pay-out consists of a bottom income of $586,539 and $29.31m in shares and limited options. In addition, he was the usually BoA senior manager to have make use of of a car and driver, costing $25,000.

Approximately $20m of his pay-out associated to a "golden parachute" agreement he sealed in Apr 2008 to stick on Merrill Lynch, only 4 months prior to the afterwards stricken investment bank concluded to be taken over by BoA at the tallness of the monetary crisis.