CHARLOTTE, N.C., Feb. 13 (UPI) -- Bank of America CEO Brian Moynihan was given a $3 million pay raise in 2015, his largest ever since his pay was decreased in 2014.
Moynihan received $16 million in compensation for his work in 2015, a 23 percent increase over the $13 million he received in 2014.
"Bank of America in 2015 demonstrated continued progress as a result of its strategy of simplifying the company," a security filing that detailed Moynihan's compensation stated.
His pay package included a $1.5 million cash salary and as much as $14.5 million in stock awards that are tied to performance goals. A cash bonus was not included in his pay.
Moynihan will only receive the full $16 million if Bank of America achieves an average return of .80 percent on its assets over the next three years, the company said.
The company raised his salary by 23 percent after cutting his pay to $13 million in 2014 when the company was forced to pay billions of dollars to settle with the Justice Department on mortgage-securities allegations.
Moynihan's new salary is the highest he's received, but he still earns less than the heads of Bank of America's competitors
Jamie Dimon of JPMorgan Chase, Lloyd C. Blankfein of Goldman Sachs and James P. Gorman of Morgan Stanley all had their pay decreased in 2015. Each CEO out earned Moynihan making $27 million, $23 million and $21 million, respectively.