NEW YORK — The CEO of Bank of America Corp. was paid $7.5 million last year - six times what he got in 2010, according to an Associated Press analysis of a regulatory filing out Wednesday.
The bank says Brian Moynihan’s pay package for 2011 included a salary of $950,000, a $6.1 million stock award and about $420,000 worth of use of company aircraft and tax and financial advice.
Bank of America stock plunged 58 percent in 2011. The bank struggled with lawsuits from investors who had bought securities backed by problematic mortgage loans.
The AP uses a calculation that isolates the value a company’s board places on the CEO’s total pay package. The figure includes salary, bonuses, incentives, perks and the estimated value of stock options and awards.
Toyota to raise production, add 400 jobs in Canada
DETROIT —Toyota says it will invest $80 million in a Canadian factory to build more RAV-4 small sport utility vehicles.
The investment in Woodstock, Ontario, near Toronto will create 400 jobs early next year. The company plans to raise the plant’s output from 150,000 to 200,000 vehicles per year.
Toyota says it is optimistic that North American sales are rebounding.
RAV-4 sales in the U.S. are down 5 percent through February at nearly 22,500. But many industry analysts are predicting that U.S. auto sales will rebound this year to more than 14 million vehicles. Last year’s sales were only 12.8 million.
The Woodstock factory and plants in nearby Cambridge, Ontario, employ about 6,500 workers.
Tax on take-out favorites proves hard to digest
LONDON — The British government’s intention to tax the humble Cornish pasty, a regional savory snack much beloved by workers and students, has opened a new front in the country’s never-ending class war.