Bank of America Corp. increased the compensation for Chief Executive Officer Brian Moynihan by roughly 21% to $35 million for 2024, the lender said in a filing Friday.

That compares with Moynihan's pay of $29 million in 2023.

Last month, the lender's fourth-quarter profit beat expectations as its traders benefited from a flurry of activity in the period, while the bank predicted it would earn more interest income in 2025.

Bank of America is also awarding stock to most of its global employees for the eighth time since 2017, following a robust performance by the second-largest U.S. lender in 2024.

BofA's bonus pool for investment bankers will probably rise 10% from the previous year, Reuters reported last month, citing a source.