- Morgan Stanley CEO James Gorman was paid $US33 million in 2020, the bank said in a filing Friday.
- Gorman’s pay rose by 22%, making him the highest-paid CEO of a major US bank, Bloomberg reported.
- Morgan Stanley posted record earnings on the year and avoided cutting jobs, unlike its competitors.
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Morgan Stanley paid CEO James Gorman a total of $US33 million in 2020, a 22% increase from the previous year, the bank said in a regulatory filing Friday.
Gorman’s pay bump makes him the highest-paid chief executive of a major US bank, pushing him past JPMorgan Chase CEO Jamie Dimon, according to Bloomberg.
Gorman’s compensation last year included a base salary of $US1.5 million, a cash bonus of roughly $US7.9 million, deferred stock awards of roughly $US7.9 million, and a performance based stock award of $US15.75 million that’s tied to certain equity- and shareholder-return targets.
Morgan Stanley posted record annual earnings of $US48.2 billion last year despite the COVID-19 pandemic, as volatile markets and a rebound in mergers and listings helped fuel a reversal in Wall Street’s fortunes since last March.
Morgan Stanley’s equities trading revenue jumped 30% year-on-year to $US2.5 billion in the final three months of the year, while investment banking revenues, which include advisory and underwriting, surged 46% to $US2.3 billion. The bank also finalised its $US13 billion purchase of online trading platform E-Trade in October 2020.