Morgan Stanley Chief Executive Officer James Gorman leaped past JPMorgan Chase’s Jamie Dimon as the best-paid CEO of a major U.S. bank.
Morgan Stanley boosted Gorman’s pay 22% to $33 million for 2020, when the Wall Street bank posted its third consecutive year of record earnings. His pay includes $1.5 million in salary and a $7.88 million bonus, the firm said Friday in a filing. The vast majority is in the form of $23.6 million in long-term awards, which pay out in shares and are partially tied to return on equity and shareholder-return targets.
JPMorgan, the largest U.S. bank, kept Dimon’s total compensation unchanged at $31.5 million for his work in 2020.
Gorman’s firm is fresh off another year of record earnings and carried out two of the largest deals by a top Wall Street bank. The accompanying stock surge lifted its market value past $130 billion, or nearly 30% more than Goldman Sachs Group Inc.
The Morgan Stanley chief took a
In 2020, Morgan Stanley stuck to its promise of not undertaking job cuts to reassure jittery staff concerned about the course of the pandemic. Some rivals that made a similar pledge changed course as it became apparent that the problems wrought by the virus were likely to outlast their willingness to keep cost-cutting on hold.
