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Morgan Stanley Hikes James Gorman's Pay to $22.5Mn
[Photo: Bloomberg]
Morgan Stanley CEO James Gorman received a 7% increase in his overall compensation for 2016 as the Wall Street bank's stock soared and it edged closer to hitting a key profitability target. The announcement follows the report that JPMorgan had increased Jamie Dimon’s comp 3.7% to $28Mn.
Gorman’s compensation includes a $5 million stock bonus - 117,293 shares- in addition to $1.5 million in salary, cash, deferred cash and long-term incentives. No further details were provided
Gorman, who became CEO in 2010, has been focused on building Morgan Stanley's wealth management business, a more stable revenue source than trading. Morgan Stanley posted an 8% return on equity (ROE) in 2016, moving closer to the 9-11% range Gorman aims to achieve by the end of 2017. The fixed income unit rebounded after the first quarter, exceeding Gorman's target of $1 billion in revenue per quarter.
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