Morgan Stanley Lifts Gorman's Pay 20% to $27 Million for 2017

(Bloomberg) -- Morgan Stanley boosted Chief Executive Officer James Gorman’s 2017 compensation by 20 percent to $27 million, the most pay he’s received since taking the helm eight years ago.

Gorman, 59, got a $12.8 million long-term incentive, $6 million of deferred cash, $5.6 million cash bonus, $1.5 million salary and restricted shares worth almost $1.2 million, according to bank spokesman Wesley McDade. Gorman was paid $22.5 million for 2016.

Last year, Morgan Stanley had record revenue from wealth management and stabilized its fixed-income division after an earlier restructuring. The bank’s shares rose 24 percent, beating the 20 percent gain for the 67-company S&P 500 Financials Index. This week, its market value eclipsed that of rival Goldman Sachs Group Inc. for the first time in a decade.

JPMorgan Chase & Co., the biggest U.S. bank, said Thursday that it paid CEO Jamie Dimon $29.5 million for 2017, a 5.4 percent increase from the prior year.

To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net, Hugh Son in New York at hson1@bloomberg.net.

To contact the editors responsible for this story: Alicia Ritcey at aritcey@bloomberg.net, Peter Eichenbaum, Dan Reichl

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