Morgan Stanley’s Gorman Gets $35 Million for 2021

Morgan Stanley’s James Gorman was awarded about $25 million in company stock and about $10 million in cash.

Photo: Aaron Bernstein/Reuters

Updated Jan. 21, 2022 4:49 pm ET

Morgan Stanley MS -0.97% paid Chief Executive Officer James Gorman $35 million for his work in 2021, a 6% raise from the previous year and his largest pay package ever since becoming CEO in 2010.

Morgan Stanley’s board of directors awarded Mr. Gorman about $25 million in company stock and about $10 million in cash, including a bonus of about $8 million, according to a securities filing Friday.

Four-fifths of Mr. Gorman’s stock award is tied to how well the bank performs over the next few years.

For his work in 2020, Mr. Gorman received a compensation package valued at $33 million.

Mr. Gorman presided over record results at the New York bank in 2021. Large companies flocked to Wall Street for deals, and demand for money-management services from wealthy individuals remained brisk. The bank’s revenue grew 23% from a year earlier to $59.8 billion, while profit grew 37% to $15 billion.

JPMorgan Chase & Co. and Goldman Sachs Group Inc. also posted record results in 2021. That blockbuster year led to higher compensation for Wall Street’s rank-and-file.

JPMorgan said Thursday it is paying CEO Jamie Dimon $34.5 million for his work in 2021. That means Mr. Gorman could again be the best-paid bank CEO, as he was for 2020.

Morgan Stanley shareholders have benefited alongside Mr. Gorman. The bank’s shares rose 43% in 2021, outperforming the S&P 500 and the KBW Nasdaq Bank Index.

Write to Charley Grant at [email protected]

Appeared in the January 22, 2022, print edition as ‘Morgan Stanley’s Chief Executive Paid $35 Million.’

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