NEW YORK: Morgan Stanley Chief Executive James Gorman’s annual pay rose by $6 million, or 22 per cent, last year, according to a regulatory filing released on Friday.

Mr Gorman will receive $33m for his work in 2020, compared with $27m the year before, the bank said. His pay had fallen by 7pc in 2019.

Morgan Stanley directors based the decision on the firm’s record financial performance in 2020 and Mr Gorman’s progress in implementing the bank’s long-term strategy, it said.

Under Mr Gorman, Mor­gan Stanley produced net income of $11 billion, compared with $9bn a year ago and a return on tangible common equity of 15.2pc compared with 13.4pc a year ago.

He also engineered two large back-to-back acquisitions, those of Eaton Vance and E*Trade.

Mr Gorman’s compensation is comprised of four parts: a base salary of $1.5 million; a cash bonus of $7.875m; a deferred equity award of $7.875m; and a performance-vested equity award of $15.75m.

Published in Dawn, January 24th, 2021