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Morgan Stanley board lifts CEO Gorman’s pay to $35 million -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committeeon Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein/File Photo

(Reuters) – Morgan Stanley (NYSE: ) James Gorman, chief executive officer, will be receiving a 6% rise in annual compensation, taking his total compensation for 2021 up to $35 Million, the bank announced Friday.

According to regulatory filings, Gorman will receive a total salary of $1.5million, an $8.38 million cash bonus, and a $5.03 million deferred equity award. A performance-based equity grant of $20.1 million is also included in his total compensation.

On Thursday, the board of JPMorgan Chase & Co (NYSE:) gave a 9.5% raise to CEO Jamie Dimon, bringing his total compensation for 2021 to $34.5 million.

The 63 year-old CEO transformed Morgan Stanley into a bank that is more balanced than a Wall Street company. Morgan Stanley acquired Smith Barney Investment Advisors and brokerage firm, which helped him make wealth management the foundation of his plan for stabilizing revenue.

According to Morgan Stanley, the directors of Morgan Stanley based their pay decision on Gorman’s individual performance as well as the bank’s record earnings from 2021.

Morgan Stanley had a net income in 2021 of $15 billion, up from $11billion a year before, and an increase on tangible common stock of 19.8%, against 15.2% the previous year.

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