[NEW YORK] Morgan Stanley Chief Executive James Gorman's annual pay rose by US$6 million, or 22 per cent, last year, according to a regulatory filing released on Friday.
Mr Gorman will receive US$33 million for his work in 2020, compared with US$27 million the year before, the bank said.
Mr Gorman's pay had fallen by 7 per cent in 2019.
Morgan Stanley directors based the decision on the firm's record financial performance in 2020 and Gorman's progress in implementing the bank's long-term strategy, it said.
Under Mr Gorman, Morgan Stanley produced net income of US$11 billion, compared with US$9 billion a year ago and a return on tangible common equity of 15.2 per cent compared with 13.4 per cent a year ago.
He also engineered two large back-to-back acquisitions, those of Eaton Vance and E*Trade, to bolster its investment management and broking arms.
Mr Gorman's compensation is comprised of four parts: a base salary of US$1.5 million; a cash bonus of US$7.875 million; a deferred equity award of US$7.875 million; and a performance-vested equity award of US$15.75 million.
The board again required that 75 per cent of Mr Gorman's incentive compensation be deferred over three years subject to a claw-back, and for all of that compensation to be paid in the form of equity in the company.
Rival JPMorgan Chase & Co's chief executive officer Jamie Dimon will not get a raise in his annual pay and will receive US$31.5 million for his work in 2020, that bank said on Thursday.
REUTERS