Morgan Stanley CEO Gorman's annual pay rises by $6 million for a total of $33 million
JPMorgan Chase CEO Jamie Dimon’s annual pay holds $31.5M after slamming income inequality
BMO Capital Markets Chief Strategist Brian Belski provides insight on ‘Making Money with Charles Payne.’
Morgan Stanley Chief Executive James Gorman's annual pay rose by $6 million in 2020, according to a regulatory filing released on Friday.
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Gorman will receive $33 million for his work last year, compared with $27 million in 2019, the bank said.
MORGAN STANLEY CEO RECOVERS FROM CORONAVIRUS
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 Gorman, Morgan Stanley produced net income of $11 billion, compared with $9 billion a year ago and a return on tangible common equity of 15.2% compared with 13.4% a year ago.
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He also engineered two large back-to-back acquisitions, those of Eaton Vance and E*Trade, to bolster its investment management and broking arms.
Gorman's compensation is comprised of four parts: a base salary of $1.5 million; a cash bonus of $7.875 million; a deferred equity award of $7.875 million; and a performance-vested equity award of $15.75 million.
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The board again required that 75% of 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.
|JPM||JP MORGAN CHASE & CO.||133.79||-1.04||-0.77%|
Rival JPMorgan Chase & Co 's Chief Executive Officer Jamie Dimon will not get a raise in his annual pay and will receive $31.5 million for his work in 2020, that bank said on Thursday.
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