Morgan Stanley boosted Chief Executive Officer James Gorman’s compensation to $35 million, leaving him poised to be the best-paid major U.S. bank boss for another year.
Morgan Stanley increased Gorman’s pay 6% for 2021, with the bank’s profitability climbing to a new high for a fourth straight year. His package includes $1.5 million in salary and a $8.38 million cash bonus, the firm said Friday in a filing. The vast majority is in the form of $25 million in long-term awards, which pay out in shares and are partially tied to return on equity and shareholder-return targets.
On Thursday, JPMorgan Chase & Co. announced a 10% bump in pay for it chief, Jamie Dimon, lifting his pay to $34.5 million.
Wall Street compensation is back in focus this year after the roaring run for banks through the pandemic lifted their fortunes and left their rainmakers poised for some of the biggest paydays in over a decade. What started out with bumps for the most junior ranks last year has percolated upward to the highest levels.
At Goldman Sachs Group Inc., which also had a banner year, new pay awards have been piling up for its top brass.
Morgan Stanley is fresh off posting its most profitable year, with earnings of $15 billion on about $60 billion of revenue. The firm has also been bulking up with acquisitions and closed its deal with Eaton Vance in March.
The bank’s stock has climbed 44% since the start of 2021, giving the company a market capitalization of about $175 billion. That’s expanded the gap over Goldman to $55 billion, the most in more than 20 years.
Last year, Gorman vaulted above Dimon as the best-paid CEO of a major U.S. bank.
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