Morgan Stanley Chief Executive James Gorman hopped past JPMorgan Chase & Co.’s Jamie Dimon to become the best-paid CEO of a central U.S. bank.
Morgan Stanley boosted Gorman’s pay 22% to $33 million for 2020 when the Wall Street bank posted its third consecutive year of record earnings. His pay encompasses $1.5 million in salary and a $7.88 million bonus, the firm said Friday in a filing. The enormous majority is in the structure of $23.6 million in long-term awards, which payout in shares and are somewhat tied to return-on-equity and shareholder-return targets.
The largest U.S. bank kept Dimon’s total compensation intact at $31.5 million for his work in 2020.
As the pandemic continues to motivate relocations and redecorations, @AptDeco, a member of our first ever Multicultural Innovation Lab cohort, is leveraging lessons learned from the Lab as they expand to new markets. Learn More: https://t.co/uXJCIgAzsO pic.twitter.com/XTRHkkeVKz
— Morgan Stanley (@MorganStanley) January 23, 2021
Gorman’s bank is fresh off another year of record earnings and held up two of the largest deals by a top Wall Street bank. The coexisting stock rise lifted its market value past $130 billion, or nearly 30% more than Goldman Sachs Group Inc.
The challenge of feeding the world will likely reach a pivotal moment in the coming years. But four key sectors may offer solutions toward more sustainable food production: https://t.co/wXZ0zU6TgC pic.twitter.com/pK14YgXALu
— Morgan Stanley (@MorganStanley) January 24, 2021
The Morgan Stanley chief took a surprise pay cut for 2019 amidst the record revenues and profit. The determination was tied to cost-cutting undertakings and a round of layoffs.
The shift to remote learning "highlighted problems we knew were already there, like how 20% of students don't have access to decent internet at home and how many don't even have a computer.” Listen in as host @Sonari explores what's next for education: https://t.co/VDgCDNxu76
— Morgan Stanley (@MorganStanley) January 25, 2021
In 2020, Morgan Stanley glued to its promise of not undertaking job cuts to console jittery staff pertained to the course of the pandemic. Some adversaries that gave rise to a similar pact shifted course. It became probable that the problems wrought by the virus were likely to outlive their alacrity to keep cost-cutting on hold.