Morgan Stanley awards CEO $4.4 million in restricted stock
Morgan Stanley's (MS.N) board of directors awarded Chairman and Chief Executive James Gorman $4.4 million in restricted stock as part of his 2014 bonus, the Wall Street bank said in a regulatory filing on Friday.
Morgan Stanley did not disclose other parts of Gorman's compensation package, which in the prior year also included cash and deferred cash, in addition to his base salary.
The disclosure, made in a Form 4 filing with the U.S. Securities and Exchange Commission, comes after news that rivals JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group Inc (GS.N) each awarded their CEOs bigger cash bonuses than they had in the prior year.
JPMorgan CEO Jamie Dimon received a $7.4 million cash bonus, his first cash bonus since 2011, and Goldman CEO Lloyd Blankfein received a $7.3 million cash bonus, which was higher in dollar terms and as a portion of his overall bonus than in the prior year.
Gorman's restricted stock award for 2014 was less than the $5.1 million he was awarded as part of his 2013 bonus. But his overall bonus may in fact be higher, since Morgan Stanleybegan deferring less of its employees' pay this year.
The average Morgan Stanley employee now has half of his pay deferred, down from 80 percent previously. Senior executives including Gorman will get a higher percentage of their pay deferred.
The full details of Gorman's pay will not be disclosed until the bank files its proxy in the spring. Morgan Stanley's board awarded Gorman $12 million in salary and bonuses in 2013, along with $6 million in long-term incentive awards that he can receive over time if the bank hits certain performance benchmarks.