According to Bloomsberg.com, Morgan Stanley boosted Chief Executive Officer James Gorman’s 2017 compensation by 20 percent to $27 million.
This represents the biggest payout to the CEO since he took over the reins of the company over the past eight years.
According to the report, the 59-year-old CEO new raise is allocated accordingly, $12.8 million long-term incentive, $6 million of deferred cash, $5.6 million cash bonus, $1.5 million salary and restricted shares worth almost $1.2 million
Gorman was paid $22.5 million for 2016.
The report also noted that last year, Morgan Stanley had record revenue from wealth management and stabilized its fixed-income division after an earlier restructuring.
The bank’s shares rose 24 percent, beating the 20 percent gain for the 67-company S&P 500 Financials Index. This week, its market value overtook that of rival Goldman Sachs Group Inc. for the first time in a decade.
JPMorgan Chase & Co., the biggest U.S. bank, said Thursday that it paid CEO Jamie Dimon $29.5 million for 2017, a 5.4 percent increase from the prior year.
Yvad Billings, Readers Bureau, Fellow
Edited by Jesus Chan
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