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.
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.