Morgan Stanley’s chief executive James Gorman’s pay tanked in 2011.
According to the Associated Press, the bank’s CEO took home $13 million — a 15% decrease from the previous year.
Speaking of comp, here’s what Gorman said in his annual letter to shareholders about pay at the bank. He writes:
“On the question of compensation, we are determined to balance adequate returns for shareholders with practices that encourage responsible behaviour while appropriately rewarding talented, hardworking professionals in a market where competition for the best talent remains intense.”
In case you missed it, Jamie Dimon Got Paid $23 Million Last Year >
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