Morgan Stanley paid its CEO Ted Pick $34 million for his first year leading the bank.
The firm said in a regulatory filing that 75% of Pick's bonus will be deferred over three years and is subject to cancellation, while all of his deferred bonus will come in the form of equity awards. Pick's pay as CEO compares with $44 million for 2023, which included a $20 million special bonus amid the company's leadership transition.
"The compensation committee based its decision of Mr. Pick's 2024 compensation on its assessment of his outstanding performance, including the successful completion of the leadership transition and the firm's exceptional financial performance," the bank said in the filing.
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Pick, 56, took the reins from longtime CEO James Gorman a year ago, and added the chairman title last month. In turning to Pick, the New York-based firm picked an executive credited with spurring a revival in its trading business after a perilous stretch during the 2008 financial collapse — a period when clients ditched Morgan Stanley amid doubts about its ability to survive.
For his final year atop Morgan Stanley, Gorman was paid $37 million.
Last month, Morgan Stanley announced its fourth-quarter profit that more than doubled from a year earlier, boosted by trading revenue that came in well ahead of estimates on volatility tied to the U.S. presidential election. The firm earned $13.4 billion last year, a 47% increase, and its shares advanced 35% in 2024.
Morgan Stanley follows other big U.S. financial firms in announcing CEO compensation for 2024. Last week, Bank of America said it boosted CEO Brian Moynihan's pay to $35 million for 2024. JPMorgan Chase increased
