Investing
Morgan Stanley CEO’s total pay rose 13% to $39.4 million in 2022
© Reuters. FILE PHOTO: James Gorman, Chairman and Chief Executive of Morgan Stanley, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu
By Nupur Anand and Mehnaz Yasmin
(Reuters) -Morgan Stanley Chief Executive James Gorman’s total compensation rose 11% to $39.4 million in 2022 versus a year earlier, according to a filing Thursday.
That is higher than the $31.5 million package the bank reported in January, which reflected a 10% pay cut. The updated numbers included deferred compensation linked to the CEO’s performance.
Gorman’s total 2022 pay includes a base salary of $1.5 million, cash bonus of $7.5 million and stock awards of $30.4 million.
Morgan Stanley (NYSE:) directors had earlier cited “a challenging economic and market environment” in determining the CEO’s pay, they said in the January filing.
The ratio of Gorman’s pay to the median pay of an employee for 2022 was 274 to 1, compared with 255 to 1 in 2021.
Gorman, 64, took the helm in 2010 has since carried out high-profile deals that diversified the Wall Street powerhouse’s revenue, bringing in more stable fees from wealth management.
“The strategic decisions we made over the past decade have transformed Morgan Stanley’s business,” Gorman wrote in the filing. Its wealth and investment management arm, which oversees $5.5 trillion in assets, will drive the company’s future growth, he said.
The CEO did not address industry turmoil caused by the failures of Silicon Valley Bank and Signature Bank (OTC:) last month. His counterpart at JPMorgan Chase & Co. (NYSE:), Jamie Dimon, warned shareholders that there could be more tumult ahead.
“The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” Dimon wrote in an annual letter to shareholders on Tuesday.
Read the full article here
-
Side Hustles6 days ago
3 Steps You Can’t Miss When Growing Your Business
-
Make Money6 days ago
Here’s the Typical American’s Income at Every Age. How Do You Compare?
-
Investing6 days ago
Germany stocks lower at close of trade; DAX down 0.65% By Investing.com
-
Investing6 days ago
How I Transformed My Business by Letting Go of Low-Value Tasks
-
Side Hustles4 days ago
How Your Body Language Can Help Win a Disagreement
-
Passive Income4 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles5 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Investing5 days ago
AI Transcription Services Are Spilling Company Secrets: Report