Bank of America which went bankrupt during the recession had received bailout from the US government. The bank has repaid $45 billion to the government. Further to that, they have lifted many of the pay restrictions that had been imposed on the bailout firms put by the Troubled Assets Relief Program of the US government.

Bank of America’s new Chief Financial Officer, Charles Noski would receive $500,000 signing bonus, $800,000 as base salary and is eligible to receive up to $7.2 million as performance-related incentive , as per the letter filed with Securities and Exchange Commission. The agreement is the first new employment contract signed with a new comer senior executive signed by the bank.

The CFO’s base salary as paid to current consumer banking chief Joe Prince and few other top officials in the bank. Noski will be given four months of relocation assistance from the bank by which he would relocate to North Carolina from California. His notice period for resignation is 180 days.