Top executives at Charlotte-based Bank of America will take deep cuts in compensation under determinations announced Thursday by Kenneth Feinberg (right), the independent master given the task of setting pay and stock levels for officials with companies getting the most funding from the federal government.
In a letter released Thursday, Feinberg cited the bank's initial pay proposals, which included a cash salary range of $700,000 to $950,000 for everyone but the CEO and stock-based salaries ranging from $2 million to $19 million for top employees who were at Bank of America in 2008 and 2009.
According to the letter, Feinberg capped cash salaries at "generally less than $500,000," with stock salaries reduced to $1.7 million to $9.3 million.
Read Feinberg's letter to Bank of America here (PDF).
You can read the letters to the other six "exceptional" companies here.
What do you think of the new pay rules introduced Thursday?