$30m for Bank of America banker

By The Newsroom
Published 27th Feb 2010, 14:39 BST
Updated 27th Feb 2010, 15:03 BST
BANK of America's investment banking chief Thomas Montag, above, was the company's highest paid executive in 2009, receiving $30 million after the company assumed his contract as part of its acquisition of Merrill Lynch, according to the company's latest filing.

The bulk of his compensation comes from a $29.31m restricted stock award.

Montag, president of Bank of America's global banking and markets, received $586,in base pay, and $30,423 in other compensation. Montag was the only executive to use a car and driver, which cost $25,000.

Former CEO Kenneth Lewis, who stepped down on 31 December, received no pay or bonus in 2009. Lewis's compensation was $4.2m from a pension plan. He leaves with $80m of accrued benefits.