Bank of America board approves CEO Moynihan's 2017 incentive compensation

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(Reuters) - Bank of America Corp(BAC.NaE) 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(BAC.NaE) meets specific financial goals.

(Reporting by Nikhil Subba in Bengaluru)