Morgan Stanley increased chief executive James Gorman’s compensation to $35 million, leaving him poised to be the best-paid major US bank boss for another year.
The New York-based financial services company increased Mr Gorman’s pay 6 per cent for 2021, with the bank’s profitability climbing to a new high for a fourth straight year. His package includes $1.5m in salary and a $8.38m cash bonus, the firm said in a filing.
The vast majority is in the form of $25m in long-term awards, which pay out in shares and are partially tied to return on equity and shareholder-return targets.
On Thursday, JPMorgan Chase & Co announced a 10 per cent bump in pay for its chief, Jamie Dimon, lifting his pay to $34.5m.
Wall Street compensation is back in focus this year after the roaring run for banks through the pandemic lifted their fortunes and left their rainmakers poised for some of the biggest paydays in over a decade. What started out with bumps for the most junior ranks last year has percolated upward to the highest levels.
At Goldman Sachs Group, which also had a banner year, new pay awards have been piling up for its top brass.
Morgan Stanley is fresh off posting its most profitable year, with earnings of $15 billion on about $60bn of revenue. The firm has also been bulking up with acquisitions and closed its deal with Eaton Vance in March.
The bank’s stock has climbed 44 per cent since the start of 2021, giving the company a market capitalisation of about $175bn. That’s expanded the gap over Goldman to $55bn, the most in more than 20 years.
Last year, Mr Gorman vaulted above Mr Dimon as the best-paid chief executive of a major US bank.
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
The five pillars of Islam
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
