James Gorman's Morgan Stanley secured two big acquisitions last year. Photo / Getty Images
Morgan Stanley's chief executive, James Gorman, will receive $33m in total compensation for 2020, a 22 per cent increase over 2019's $27m.
In a regulatory filing, the US investment bank said 2020 "was a record
year for Morgan Stanley in many respects, both in terms of financial performance and in terms of advancement of the firm's long-term strategic goals", noting record revenue and pre-tax profit, as well as two major deals.
Morgan Stanley's stock rose 34 per cent last year, as market volatility boosted trading results and falling interest rates fuelled investment banking activity. Shares in its closest rival, Goldman Sachs, rose 14 per cent.
Mr Gorman's pay package will consist of a $1.5m cash base salary, a cash bonus of $7.9m and stock-linked awards totalling $23.6m, which will vest over three years and are subject to clawbacks.
The package exceeds the $31.5m awarded to Jamie Dimon, chief executive of JPMorgan Chase, for 2020. JPMorgan's shares fell slightly for the year, and Mr Dimon's pay was unchanged from 2019. The two banks are the only major Wall Street firms to announce chief executive pay to date.