Morgan Stanley CEO gets 6% raise in 2021

Reuters- Morgan Stanley Chief Executive Officer James Gorman will get a 6% raise in annual pay, bringing his total compensation for 2021 to $35 million, the bank said on Friday.

According to a regulatory filing, Gorman's total compensation will include an annual base salary of $1.5 million, a cash bonus of $8.38 million, a deferred equity award of $5.03 million and a performance-based equity award of $20.1 million.

On Thursday, the board of JPMorgan Chase Co gave a 9.5% raise to CEO Jamie Dimon, bringing his total compensation for 2021 to $34.5 million.

Since taking over a decade ago, the 63-year-old CEO of Morgan Stanley has transformed from a Wall Street firm to a more balanced bank. He was the driving force behind Morgan Stanley's decision to acquire brokerage firm and investment adviser Smith Barney, which made wealth management the cornerstone of his plan to stabilize revenue.

It said Morgan Stanley directors based their pay decision on Gorman's individual performance and the bank's record earnings in 2021.

Morgan Stanley reported a net income of $15 billion in 2021, compared with $11 billion a year ago and a return on tangible common equity of 19.8% compared to 15.2% last year.