Morgan Stanley CEO James Gorman's compensation hit a brand new excessive in 2021.
Bloomberg by way of Getty Photos
Morgan Stanley CEO James Gorman raked in $35 million in complete compensation final yr — edging previous JPMorgan Chase CEO Jamie Dimon to develop into Wall Avenue’s most richly paid boss.
Gorman’s 6% increase boosted his pay an additional $2 million in 2021 — barely besting Dimon who made $34.5 million. Gorman earned $1.5 million in base pay, $8.375 million as a money bonus, $20.1 million as a inventory bonus and $5.025 million in deferred fairness, based on a regulatory submitting Friday.
It’s been a banner yr for Morgan Stanley, whose 9% improve in fourth-quarter earnings beat expectations — and people of rivals. Its $15 billion revenue and $60 billion in income have been report highs for the financial institution.
Since Gorman took the helm in 2010, he’s made aggressive acquisitions that are actually paying off. Morgan Stanley’s E*TRADE play has boosted wealth administration income and its Eaton Vance acquisition helped buoy its funding administration income.
Gorman’s increase comes as Wall Avenue palms out greater compensation throughout the board.
High bankers at Goldman Sachs and JPMorgan obtained bonuses as excessive as $15 million this week after final yr’s flurry of dealmaking. Each main financial institution has reported sharply greater bills — largely due to the fats pay packages they’re doling out in a good labor market.
“The compensation committee based mostly its choice on its evaluation of Mr Gorman’s excellent particular person efficiency and report agency monetary efficiency, together with assembly or exceeding its two-year goals introduced in January of 2021, and executing on the following section of transformational development and shareholder worth,” Morgan Stanley wrote within the submitting.
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