Morgan Stanley board lifts CEO Gorman's pay to $35 million

Morgan Stanley board lifts CEO Gorman's pay to $35 million

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1/22/2022 2:15:00 AM

Morgan Stanley board lifts CEO Gorman's pay to $35 million

Morgan Stanley Chief Executive Officer James Gorman will get a 6% raise in annual pay, bringing his total compensation for 2021 to $35 million, the bank said on Friday.

RegisterSince taking over a decade ago, the 63-year-old CEO has transformed Morgan Stanley from a Wall Street firm focused on a money-losing trading businesses into a more balanced bank. He was the driving force behind Morgan Stanley's decision to acquire brokerage firm and investment adviser Smith Barney that helped make wealth management the cornerstone of his plan to stabilize revenue.

Morgan Stanley directors based the pay decision on Gorman's individual performance and the bank's record earnings in 2021, it said.Under Gorman, Morgan Stanley reported a net income of $15 billion in 2021, compared with $11 billion a year earlier and a return on tangible common equity of 19.8% compared with 15.2% last year.

Read more: Reuters »

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Truly immoral We should just print out and give everyone a one million dollar bill...then we'll all be millionaires 😎💰 He can afford Tesla now. 😁 Trump 2024! All I want is a stack coach... FFS 🤣🤣🤣🤣🤣🤣🤣 35Ms and still ugly smh Happy to see a CEO finally get what he’s due 🙄 Disgusting!!!🤮🤮🤮 Wow he’s getting screwed!

Abolish multinationals.

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Activision's Kotick set to get $400 million from Microsoft acquisitionActivision Blizzard CEO Bobby Kotick set to receive almost $400 million windfall payout from Microsoft sale after taking a massive pay cut last year amid company scandal 动视暴雪首席执行官博比·科蒂克(Bobby Kotick)去年因公司丑闻大幅减薪后,将从微软的出售中获得近4亿美元的意外收入 This is very misleading. He would have received 250-300 million anyways based on previous stock prices

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Register now for FREE unlimited access to Reuters.com Register Since taking over a decade ago, the 63-year-old CEO has transformed Morgan Stanley from a Wall Street firm focused on a money-losing trading businesses into a more balanced bank. He was the driving force behind Morgan Stanley's decision to acquire brokerage firm and investment adviser Smith Barney that helped make wealth management the cornerstone of his plan to stabilize revenue. Morgan Stanley directors based the pay decision on Gorman's individual performance and the bank's record earnings in 2021, it said. Under Gorman, Morgan Stanley reported a net income of $15 billion in 2021, compared with $11 billion a year earlier and a return on tangible common equity of 19.8% compared with 15.2% last year. Register now for FREE unlimited access to Reuters.com Register Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay Dwivedi Our Standards: More from Reuters Daily Briefing Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up