Morgan Stanley boosted Chief Executive Officer James Gorman’s compensation by 7.4% to $29 million for 2018.
Gorman, 60, got a $13.75 million incentive tied to achieving future targets, and $6.875 million in both cash and restricted shares, according to a regulatory filing Friday. The package, which includes his $1.5 million salary, surpasses the $27 million he was paid for 2017 as the most he’s received since taking the helm.
Nearly two-thirds of advisors surveyed this month said that internal training programs or workshops were offered by their firms.
Virtually every major firm on Wall Street has joined the push into private markets, with many trying to get in early on the biggest "next big thing" to hit financial services since the exchange-traded fund.
Traci Parks has been a copy editor at American Banker since 2023. She's worked at Scholastic National Partnerships and many fashion magazines, including V Magazine where she was also a contributing writer. As a playwright, her work has been produced in New York, Seattle and Los Angeles.
Morgan Stanley this week posted its highest-ever annual profit, even as fourth-quarter performance disappointed investors. The bank was helped by U.S. corporate tax cuts, a jump in deal fees and a bigger rise in trading revenue than many rivals. Gorman said Thursday he’s looking for acquisitions to build his firm’s asset-management unit, its smallest division.
The firm’s shares fell 24% last year, steeper than the S&P 500 Financials Index’s 15% decline, as it was buffeted by market volatility in the fourth quarter. The drop was the worst in seven years.
The incentive award converts to shares if the firm hits goals for return on equity and total shareholder return. Morgan Stanley must achieve an 11% ROE over the three-year period for Gorman to get the full piece tied to that metric, and can get up to 50% more shares if the firm achieves a 12.5% ROE.
JPMorgan Chase awarded Chief Executive Officer Jamie Dimon $31 million in total compensation for his work in 2018, a 5.1% bump after his bank also posted record profit.
