EV Eaton Vance Corp

By Peter Rudegeair 

Morgan Stanley paid Chief Executive James Gorman $33 million for his work in 2020, a 22% raise for a year in which the Wall Street firm generated record revenue, announced two multibillion-dollar acquisitions and avoided the worst of the pandemic-induced recession.

Morgan Stanley's board of directors awarded Mr. Gorman about $24 million in company stock, and about $9 million in cash, including a nearly $8 million bonus, according to a securities filing on Friday. Two-thirds of Mr. Gorman's stock award is tied to how well the bank performs over the next few years. Last year, Mr. Gorman received a compensation package valued at $27 million.

Like other big banks, Morgan Stanley benefited from the markets' quick recovery from the depths of the coronavirus crisis. Full-year revenue increased 16% to $48.2 billion and profit increased 22% to $11.0 billion.

Morgan Stanley was an active dealmaker in 2020. Mr. Gorman struck deals to acquire E*Trade Financial Corp. and Eaton Vance Corp., expanding Morgan Stanley's presence in retail stock trading and investment management, respectively.

Shares in Morgan Stanley advanced 34% in 2020 and are up another 8% so far in 2021, outpacing the S&P 500 on both counts.

Mr. Gorman's 2020 compensation package was $1.5 million more than that of JPMorgan Chase & Co. Chief Executive Jamie Dimon, who had been the highest-paid big-bank boss for several years running.

(END) Dow Jones Newswires

January 22, 2021 17:32 ET (22:32 GMT)

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