Morgan Stanley CEO’s 2019 pay falls to $27m

Morgan Stanley Chief Executive James Gorman is receiving $27 million in total compensation in 2019, nearly 7 percent less than what he got the year before, the company said in a filing yesterday, following a reduction of bonuses staff-wide.

The board called the 61-year-old’s performance in the year “outstanding” and acknowledged “the firm’s strong financial performance.” The bank’s reported profit jumped 46 percent to $2.09 billion in 2019 compared to 2018.

That kind of out-performance would typically result in the board giving the CEO a big raise. However, a source said members also considered the bank’s recent disclosure that it would cut staff and discretionary compensation as it aimed to further reduce expenses.