We’ll hand it Morgan Stanley. The firm is listening to President Obama’s directive to change the Wall Street giant’s compensation structure.
Morgan’s interpretation of the administration’s plan: raises for everyone!
Insiders briefed on the firm’s recent talks told Bloomberg Morgan has decided to increase the base pay for many of its top executives, except for CEO John Mack. Some salaries, like that of Chief Financial Office Colm Kelleher, are even going to double.
According to Bloomberg:
Co-presidents James Gorman, 50, and Walid Chammah, 55, will be paid $800,000 and $750,000 respectively, New York-based Morgan Stanley said in the regulatory filing. Kelleher, 51, will make a base of $750,000, more than double his 2008 base salary of $322,903, Bloomberg data show. Mack, 64, will make $800,000 this year, unchanged from 2008. The changes became effective May 1 and don’t include bonus or catch-up payments.
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