Morgan Stanley cut CEO James Gorman’s compensation by 10% to $31.5 million in 2022.
The package includes a salary of $1.5 million and a cash bonus of $7.5 million, the company said in a filing Friday. Most of that comes in the form of his $22.5 million equity-related award paid in stock.
The bank considered Gorman’s “outstanding personal performance, including his leadership in the company’s strategy, core values and culture, and the company’s solid financial performance”. , the company’s performance in 2022 was not as strong as the previous year when the company delivered record financial results.”
Compensation packages show an industry-wide focus on compensation and other costs amid concerns about the impact of weak dealmaking and a potential recession on Wall Street earnings. increase.At Morgan Stanley, it 1,600 cuts Since December with approximately 82,400 global employees.
On Thursday, JPMorgan Chase keep the salary Chief Jamie Dimon, $34.5 million for a job in 2022.
Gorman, 64, received Salaries are up 6% in 2021 after the New York-based company announced its most profitable year ever.a year ago he arched Dimon previously served as the highest paid CEO of a major US bank.
In 2022, Morgan Stanley’s earnings fell by more than a quarter and its stock price fell more than 13%.