Bank of America CEO Brian Moynihan gets a pay raise

Bank of America CEO Pay Raise

Bank of America CEO Brian Moynihan is reaping the benefits of a very strong year at the bank.

The bank has awarded Moynihan with $16 million after its profits nearly doubled under his supervision.

The Washington Post reports that his compensation is up around 23% for the year.

Moynihan’s new compensation for 2016 includes a $1.5 million cash salary bump and $14.5 million in restricted shareholdings.

“Bank of America in 2015 demonstrated continued progress as a result of its strategy of simplifying the company,” the company said in a statement.

In 2014, Moynihan received $13 million for getting the bank through mortgage security investigation settlements.

In 2015, Bank of America earned $15.89 billion, which was a substantial increase from 2014, when the company saw $4.83 billion in profits. In 2013, the company earned $11.43 billion.

While it’s an impressive amount of money, Moynihan is still trailing far behind JPMorgan Chase CEO Jamie Dimon who received $27 million last year and Goldman Sachs CEO Lloyd Blankfein who collected $23 million.