Bank of America awarded chief executive Brian Moynihan US$14.5 million of stock grants on top of base salary of US$1.5 million, a 23 per cent "potential increase" in compensation according to Bloomberg. Moynihan's most significant achievement last year was to cut the bank's expenses by 24 per cent, partly by resolving a number of long-standing legal issues. For Moynihan to receive the full benefit of the stock grant, the bank must meet return and value targets over the next three years. Visa has acquired a 9.99 per cent stake in payments company Square, Finextra reports. Visa invested in Square in 2011 but the size of the shareholding has not been disclosed until now. Square had an initial public offering in November last year.