Morgan Stanley Paid CEO Gorman $29 Million in 2018

By Patrick Thomas 

Morgan Stanley Chief Executive James Gorman received a compensation package valued at about $29 million in 2018, a 7% raise from the $27 million he earned a year ago, according to a Friday securities filing.

Mr. Gorman, who has run the bank since 2010, earned a base salary of $1.5 million, the same as a year ago; a cash bonus of $6.9 million, up from $5.6 million a year ago; about $6.9 million in deferred equity; and about $13.8 million in performance-vested equity pay that depends on how well the company performs, according a filing with the U.S. Securities and Exchange Commission.

The company said in the filing that it took into account Mr. Gorman's overall leadership with respect to the firm's culture and among its clients, shareholders, regulators and employees.

Mr. Gorman was the third highest-paid banking and finance chief executive of the 43 in the S&P 500 in 2017.

Morgan Stanley on Thursday posted a profit of $1.53 billion, or 80 cents a share, on revenues of $8.55 billion. Analysts polled by Refinitiv had predicted earnings of $1.6 billion, or 89 cents a share, on revenue of $9.3 billion. For 2018, the firm had net revenues of $40.1 billion, compared with $37.9 billion the prior year.

Shares of Morgan Stanley are down about 21% over the past year.

On Thursday, JPMorgan Chase & Co. said it boosted CEO Jamie Dimon's pay to $31 million.

Write to Patrick Thomas at [e-mail]

(END) Dow Jones Newswires

January 18, 2019 17:33 ET (22:33 GMT)

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