Morgan Stanley CEO James Gorman rakes in $35M payday

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Morgan Stanley CEO James Gorman raked in $35 million in total compensation last year — edging past JPMorgan Chase CEO Jamie Dimon to become Wall Street’s most richly paid boss.

Gorman’s 6% raise boosted his pay an extra $2 million in 2021 — slightly besting Dimon who made $34.5 million. Gorman earned $1.5 million in base pay, $8.375 million as a cash bonus, $20.1 million as a stock bonus and $5.025 million in deferred equity, according to a regulatory filing Friday.

It’s been a banner year for Morgan Stanley, whose 9% increase in fourth-quarter profits beat expectations — and those of rivals. Its $15 billion profit and $60 billion in revenue were record highs for the bank.

Since Gorman took the helm in 2010, he’s made aggressive acquisitions that are now paying off. Morgan Stanley’s E*TRADE play has boosted wealth management revenue and its Eaton Vance acquisition helped buoy its investment management revenue.

Gorman’s raise comes as Wall Street hands out higher compensation across the board.

Jamie Dimon made $34.5 million in 2021.
Jamie Dimon made $34.5 million in 2021.
POOL/AFP via Getty Images

Top bankers at Goldman Sachs and JPMorgan got bonuses as high as $15 million this week after last year’s flurry of dealmaking. Every major bank has reported sharply higher expenses — in large part because of the fat pay packages they’re doling out in a tight labor market.

“The compensation committee based its decision on its assessment of Mr Gorman’s outstanding individual performance and record firm financial performance, including meeting or exceeding its two-year objectives announced in January of 2021, and executing on the next phase of transformational growth and shareholder value,” Morgan Stanley wrote in the filing.

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