Morgan Stanley CEO James Gorman’s pay jumped 22% in 2020 to $33 million, making him the top-paid leader of a large U.S. bank, according to a regulatory filing.
Gorman’s total compensation includes $23.6 million in long-term awards (which depend on the bank hitting certain return on equity and shareholder return goals), a $7.88 million bonus, and a salary of $1.5 million.
This package puts him ahead of JPMorgan Chase CEO Jamie Dimon, whose pay remained unchanged for 2020 at $31.5 million.
For 2020, Morgan Stanley had a 22% increase in net income from the prior year at $11 billion. Total revenue rose 16% to $48.2 billion.
In 2019, Gorman saw his pay drop about 7% to $27 million, according to Bloomberg. The firm’s revenue and net income for the year both rose 3% from 2018, but Morgan Stanley opted to cut costs and eliminate about 1,500 positions.
Firmwide, Morgan Stanley’s fourth-quarter revenue in 2020 jumped 24% to $5.7 billion, while its net income fell 10% to $802 million.
In the fourth quarter, the wealth unit had a 24% year-over-year increase in revenues to $10.96 billion, while net income dropped 10% to $889 million. For the full year, the business grew sales 7% from 2019 to $10.96 billion, as profits weakened 10% to $3.42 billion.