Morgan Stanley CEO James Gorman Got a Big Raise for 2020
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
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
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
(END) Dow Jones Newswires
January 22, 2021 17:32 ET (22:32 GMT)
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