Morgan Stanley Chief Executive Officer James Gorman's total compensation for 2022 slipped 10% to $31.5 million, the bank said on Friday.
Morgan Stanley CEO James Gorman speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidChief Executive Officer James Gorman's total compensation for 2022 slipped 10% to $31.5 million, the bank said on Friday.
Gorman's total compensation will include an annual base salary of $1.5 million, a cash bonus of $7.5 million, a deferred equity award of $4.5 million and a performance-based equity award of $18 million, according to a regulatory filing. Morgan Stanley directors based the pay decision on "a challenging economic and market environment" with the performance of the firm "not as strong as the prior year".net income of $11 billion for 2022, lower than the previous year's $15 billion. Its stock lost 13.4% last year.
Wall Street's biggest banks, which saw profits dwindle in 2022, have cut jobs and stockpiled more rainy-day funds in preparation for a possible recession.
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