James Gorman, the 62-year-old CEO of Morgan Stanley is now the highest-paid bank chief executive in the United States after a 22% improve in his 2020 complete pay in comparison with 2019. Gorman earned a complete of $33 million final 12 months, the bank introduced in a regulatory filing Friday.
Gorman’s pay bump locations him above Jamie Dimon, CEO of the largest U.S bank JPMorgan Chase, who was paid a complete of $31.5 million for his work in 2020, in accordance with Bloomberg.
Gorman’s complete compensation in 2020 included a base wage of $1.5 million, a money bonus of roughly $7.9 million, deferred inventory awards of roughly $7.9 million, and a performance-based inventory award of $15.75 million that is tied to sure equity- and shareholder-return targets, in accordance with the report.
The 22% pay improve for the Australian-American financier follows Morgan Stanley’s third consecutive 12 months of report earnings. The bank posted a whopping annual earnings of $48.2 billion final 12 months regardless of risky markets attributable to the coronavirus pandemic.
Morgan Stanley’s equities buying and selling income jumped 30% year-on-year to $2.5 billion in the final quarter of 2020, whereas its funding banking revenues surged 46% to $2.3 billion. The bank additionally finalized its $13 billion buy of on-line buying and selling platform E-Trade in October 2020.
“The firm produced a very strong quarter and record full-year results, with excellent performance across all three businesses and geographies,” CEO James Gorman stated.
Gorman was amongst the main U.S bank chief executives who assured involved workers of job safety final 12 months regardless of the pandemic. While lots of its rivals together with Goldman Sachs, JPMorgan, and Wells Fargo, laid off lots of of workers, Morgan Stanley stored to its promise.