The board granted Moynihan $1.5 million in salary and $28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said Friday in a filing. A year ago, Moynihan’s compensation was boosted 31% to $32 million as the firm set a record for profitability. 

The pay package follows an industrywide focus on compensation and other expenses amid a slump in dealmaking and concern about the impact a potential recession would have on Wall Street revenue.

Bank of America is seeking to reward its best employees while keeping a lid on costs. The firm has already been forced to scale back on hiring plans, even as it added headcount in the fourth quarter. Net income in 2022 fell to $27.5 billion from a record $32 billion a year earlier.

This year, the firm is awarding a pool of restricted stock to employees who earn up to $500,000 to retain workers. It is the sixth year the bank has paid such awards, which now total more than $4 billion. 

The bank’s shares plunged almost 26% in 2022. The stock has rebounded about 10% since then, to $36.43 at the close of regular trading in New York Friday.

Moynihan, 63, was promoted to CEO in 2010 in the wake of the global financial crisis, and has steered the lender through the pandemic. He has signaled his interest in staying on for years to come.

Other US finance companies have turned to layoffs, with executives touting the need to cut costs in a challenging economic environment. That’s caused some bank leaders to take a hit to their pay.

Goldman Sachs Group Inc. CEO David Solomon’s compensation for 2022 fell 30% to $25 million, while Morgan Stanley’s James Gorman got a 10% pay cut to $31.5 million. In contrast, JPMorgan Chase & Co. held Jamie Dimon’s pay steady at $34.5 million.