It’s Hard to Fathom BofA Pay

My savings account earns an annual interest rate of 0.50%.

Employees are on a 20-hour workweek so they do not qualify for health insurance or other fringe benefits. The bank needs to save money.

But I read in the April 25 edition of The Times [“Vote Urges BofA Curb on Severance”] that David A. Coulter, former Bank of America president, “received more than $30 million in salary, bonuses and stock--plus a $5-million annual pension for life--when he quit at age 51.”

How does Bank of America justify that payment to one person?

Ruth C. Ottey

Los Angeles