Morgan Stanley (MS) gave James Gorman the biggest raise yet among Wall Street chief executive officers for last year, boosting his pay 25 percent to $22.5 million.
Gorman, 56, received a $6.5 million long-term incentive and $5.4 million in deferred cash, the New York-based bank said Wednesday in a regulatory filing. He also got a $4.7 million cash bonus, $4.4 million in stock and a $1.5 million salary.
Morgan Stanley shares jumped more than 23 percent in each of the past three years as investors rewarded Gorman’s plan to rely more on wealth management for stable earnings. Still, the firm’s return on equity was under 6 percent in each of those years, short of his 10 percent goal.
Total pay for Gorman, who’s also chairman, rose for the second straight year. He received an $18 million compensation package for 2013, almost double that of a year earlier.
The raise was rare among the heads of Wall Street’s biggest banks. JPMorgan Chase & Co. (JPM) held CEO Jamie Dimon’s total pay for 2014 unchanged at $20 million, while Citigroup Inc.’s (C) Michael Corbat and Bank of America Corp.’s (BAC) Brian Moynihan each took pay cuts to $13 million.
Lloyd Blankfein, CEO of Goldman Sachs Group Inc. (GS), received $24 million in salary and bonus for 2014, up from $23 million a year earlier. His long-term incentive award, which was $6 million in the 2013 package, hasn’t yet been disclosed.