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Morgan Stanley boss James Gorman pockets $33m pay packet

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Morgan Stanley will pay chief executive James Gorman $33m (£24m) as the US investment bank hailed a “record year” in 2020.

The bumper pay packet is a 22 per cent increase on Gorman’s $27m remuneration in 2019, according to a regulatory filing published yesterday.

Read more: Covid-19 volatility boosts profits at investment bank Morgan Stanley, echoing rival Goldman Sachs

Morgan Stanley directors said the decision was based on the firm’s performance and the chief executive’s progress in implementing a long-term strategy.

Under Gorman’s tenure, the bank last year posted net profit of $11bn, up from $9bn the previous year.

He also oversaw two major acquisitions, buying Eaton Vance and ETrade for $7bn and $13bn respectively.

Shares rose by more than a third year as the lender was boosted by low interest rates and market volatility.

Read more: Citigroup and JP Morgan beat expectations after releasing loan reserves

Gorman’s pay packet will consist of a base salary of $1.5m, a cash bonus of $7.9m, a deferred equity award of $79.m and a performance-vested equity award of $15.8m.

The boss’ package exceeds that of Jamie Dimon, chief executive of JP Morgan, whose pay will remain unchanged at $31.5m, the bank said this week.



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