- Morgan Stanley CEO James Gorman received $ 33 million in 2020, the bank said in a filing on Friday.
- Gorman’s salary increased by 22%, making him the highest-paid CEO of a major US bank, Bloomberg reported.
- Morgan Stanley posted record gains for the year and avoided job cuts, unlike its competitors.
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Morgan Stanley paid CEO James Gorman a total of $ 33 million in 2020, an increase of 22% over the previous year, the bank said in a regulatory document on Friday.
Gorman’s salary increase makes him the highest-paid chief executive of a major US bank, pushing him ahead of JPMorgan Chase CEO Jamie Dimon, according to Bloomberg.
Gorman’s compensation last year included a base salary of $ 1.5 million, a cash bonus of approximately $ 7.9 million, deferred share premiums of around $ 7.9 million and a share premium based on a $ 15.75 million performance that is linked to certain share and shareholder return targets.
Morgan Stanley posted a record annual profit of $ 48.2 billion last year, despite the COVID-19 pandemic, as volatile markets and a recovery in mergers and listings have helped fuel a reversal in Wall Street’s fortunes since last march.
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Morgan Stanley’s stock trading revenue increased 30% over the previous year, to $ 2.5 billion in the last three months of the year, while investment bank revenue, which includes consulting and underwriting, increased 46% to US $ 2.3 billion. The bank also completed the $ 13 billion purchase of the E-Trade online trading platform in October 2020.
Gorman was also among the top bank executives who promised worried employees at the beginning of last year that they would not lose their jobs when the economic crisis devastated Wall Street.
Morgan Stanley was able to keep that promise, while many of its competitors, including Goldman Sachs, JPMorgan and Wells Fargo, carried out new rounds of cuts last year.