Jules Financial Enterprise

2755 South Federal Highway Suite #4, Boynton Beach, FL 33435
Contact Person: Job J. Jules
P: 561-234-6700

Morgan Stanley CEO James Gorman is now the highest-paid bank executive in America following a 22% raise amid a record year for the company (MS)


James Gorman Morgan Stanley

Summary List Placement

Morgan Stanley paid CEO James Gorman a total of $33 million in 2020, a 22% increase from the previous year, the bank said in a regulatory filing Friday.

Gorman’s pay bump makes him the highest-paid chief executive of a major US bank, pushing him past JPMorgan Chase CEO Jamie Dimon, according to Bloomberg.

Gorman’s compensation last year included a base salary of $1.5 million, a cash bonus of roughly $7.9 million, deferred stock awards of roughly $7.9 million, and a performance based stock award of $15.75 million that’s tied to certain equity- and shareholder-return targets.

Morgan Stanley posted record annual earnings of $48.2 billion last year despite the COVID-19 pandemic, as volatile markets and a rebound in mergers and listings helped fuel a reversal in Wall Street’s fortunes since last March.

Read more: Morgan Stanley just promoted 171 people to managing director — here are the names

Morgan Stanley’s equities trading revenue jumped 30% year-on-year to $2.5 billion in the final three months of the year, while investment banking revenues, which include advisory and underwriting, surged 46% to $2.3 billion. The bank also finalized its $13 billion purchase of online trading platform E-Trade in October 2020.

Gorman was also among the major bank executives who promised concerned employees early last year that they wouldn’t lose their jobs as economic fallout ravaged Wall Street.

Morgan Stanley was able to keep that promise, while many of its competitors including Goldman Sachs, JPMorgan, and Wells Fargo, undertook new rounds of cuts late last year.

Join the conversation about this story »

NOW WATCH: Here’s what it’s like to travel during the coronavirus outbreak