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.
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.
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.