Pierre de Weck
Director at BAC
Board
About Pierre J.P. de Weck
Independent director of Bank of America since July 2013; age 74; Swiss national based in Europe. Former Chairman and Global Head of Private Wealth Management at Deutsche Bank and senior executive at UBS with extensive credit and risk management experience. Serves on Bank of America’s Compensation & Human Capital Committee and Enterprise Risk Committee; chairs the boards of Bank of America’s European broker-dealers (Merrill Lynch International and BofA Securities Europe S.A.) and is a director of 360 ONE WAM Limited (India). Determined independent under NYSE and Bank of America standards; attended at least 75% of Board/committee meetings in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deutsche Bank AG | Chairman & Global Head of Private Wealth Management; Group Executive Committee member | 2002–May 2012 | Led global private wealth; board-level oversight |
| UBS AG | Management Board member; Head of Institutional Banking; Chief Credit Officer; Head of Private Equity | 1994–2001 (roles 1994–1997; 1998–1999; 2000–2001) | Enterprise credit/risk leadership; investment businesses |
| Union Bank of Switzerland (predecessor to UBS) | Senior management roles | 1985–1994 | Credit/risk and institutional banking experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Merrill Lynch International (UK) | Chair, Board of Directors; previously Chair of Risk Committee | Not disclosed | Oversees UK broker-dealer; annual cash retainer £135,000 (2024) |
| BofA Securities Europe S.A. (France) | Chair, Board of Directors | Not disclosed | Oversees French broker-dealer; annual cash retainer €140,000 (2024) |
| 360 ONE WAM Limited (India) | Director | Not disclosed | Listed on National Stock Exchange of India and BSE |
Board Governance
- Committee assignments: Compensation & Human Capital Committee (member) and Enterprise Risk Committee (member). ERC oversight includes Risk Framework, risk appetite, and key risk types; all ERC members satisfy Federal Reserve risk expertise requirements. CHCC oversees executive/director compensation, pay governance, and human capital management .
- Independence: Board affirmed de Weck’s independence; ordinary-course financial services relationships to him/affiliates were below NYSE/BAC thresholds and non-material; all directors but the CEO are independent .
- Attendance: Each incumbent director (other than a new 2025 appointee) attended at least 75% of Board/committee meetings in 2024; Board held 13 executive sessions of independent directors in 2024 .
- Outside board service policy: Limit of four public company boards (including BAC); all directors/nominees comply; CEO-directors capped at two .
- Director retirement policy: Nomination for initial election not permitted at age 75; Board may approve re-election above 75 if in shareholders’ best interests .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Bank of America annual cash award | $120,000 | Standard non-management director cash retainer |
| Bank of America restricted stock award | $270,000 | One-year vesting; dividends accrue and pay at vest |
| Subsidiary board retainers (MLI + BofASE) | $324,630 | £135,000 for MLI and €140,000 for BofASE; USD reported using ~0.78 GBP/USD and ~0.92 EUR/USD weighted averages |
| Total 2024 compensation | $714,630 | Sum of components above |
2025 program changes (for all non-management directors): cash award increased to $130,000; restricted stock award to $280,000; committee chair cash retainers increased to $50,000; Lead Independent Director incremental restricted stock award increased to $175,000 .
Performance Compensation
- Non-management director pay is time-based (restricted stock with one-year vesting); no performance metrics, options, or annual bonuses for directors. Awards may be deferred under the Director Deferral Plan; no directors deferred cash awards into stock accounts in 2024 .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| U.S.-listed public company boards | None (N/A) |
| BAC subsidiaries | Chairs MLI (UK) and BofASE (France); compensated by subsidiaries (see Fixed Compensation) |
| Other listed boards | Director, 360 ONE WAM Limited (India) |
| Independence review | Ordinary-course relationships (financial services/products) reviewed and deemed non-material under NYSE/BAC standards |
Expertise & Qualifications
- Financial services and risk management: Deep experience across consumer, corporate, and investment banking; credit risk management and global operations .
- Global/regulatory perspective: European market and regulatory familiarity through leadership roles and current chairs of BAC’s European broker-dealers .
- Committee-relevant qualifications: Meets risk expertise standards for ERC; contributes to compensation governance through CHCC membership .
Equity Ownership
| Metric | As of Dec 31, 2024 | As of Mar 3, 2025 |
|---|---|---|
| Common stock beneficially owned | N/A | 95,169 shares; <1% of outstanding |
| Deferred director stock awards | N/A | 0 units |
| Unvested restricted stock/stock units (#) | 7,045 units | — (none reported unvested at this later date) |
- Ownership alignment policies: Directors must hold restricted stock until termination of service (tax-selling exceptions only); directors prohibited from hedging or speculative trading; BACEP prohibits pledging equity-based awards; all non-management directors are in compliance .
Governance Assessment
- Strengths: Independent director with substantial risk and credit expertise; ERC membership meets Fed risk standards; CHCC membership supports compensation governance; solid attendance; meaningful share ownership with retention requirements that enhance alignment .
- Alignment & incentives: Director pay mix is balanced—cash plus time-based equity—and directors must retain equity during service; no options or performance bonuses, limiting short-term risk-taking incentives .
- Potential conflicts/time commitments: Receives additional retainers for chairing BAC’s European broker-dealers (MLI/BofASE), increasing compensation and responsibilities; Board explains amounts and regulatory rationale; independence affirmed; ordinary-course service relationships reviewed and non-material .
- Policy safeguards: Robust related person transactions policy; hedging ban and award anti-pledging; comprehensive Board oversight of risk and compensation governance (Semler Brossy as independent compensation consultant) .
- Shareholder sentiment: Strong 2024 Say-on-Pay support (91.4%), indicating broader confidence in compensation governance; Board maintained engagement and enhanced disclosures .