Brian Moynihan, Chairman and CEO of Bank of America speaking at the 2018 WEF in Davos, Switzerland on Jan. 23rd, 2018.

Adam Galica | CNBC

Brian Moynihan, Chairman and CEO of Bank of America speaking at the 2018 WEF in Davos, Switzerland on Jan. 23rd, 2018.

Bank of America said on Friday its board had approved Chief Executive Brian Moynihan’s incentive compensation for 2017.

Moynihan’s 2017 equity incentive award has been raised to $21.5 million from $18.5 million in 2016.

However, he received no cash bonus for 2017 and his annual base salary remains unchanged at $1.5 million, the company said.

Moynihan’s compensation comprises base salary, time-based restricted stock units (RSUs) and performance RSUs that will be paid only if Bank of America meets specific financial goals.

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