His pay was slashed, but Morgan Stanley Chief Executive James Gorman still… (Richard Drew / Associated…)
This is what passes for hard times in the executive suites of Wall Street – the compensation of Morgan Stanley’s top executive fell to $13 million.
The 2011 pay package of James Gorman, chief executive of the New York investment bank, decreased almost 15% from the $15.2 million he hauled in the previous year, according to a filing with the Securities and Exchange Commission on Thursday.
His compensation included $800,000 in salary, a $2.7 million bonus, $5.9 million in stock awards and $3.5 million in stock options.
As lucrative as that is, Gorman’s compensation puts him only in the middle of the recent pay levels enjoyed by other investment-banking honchos. Jamie Dimon, the top dog at JP Morgan Chase, got $23.1 million. Bank of America Chief Executive Brian Moynihan took in nearly $8.1 million, though that was four times his take-home a year earlier.
Don’t feel too sorry for Gorman. Because it’s important to save for retirement, Gorman also got $9,800 in a company contribution to his 401(k) account.
Bank of America CEO Brian Moynihan's pay quadruples
Pay of top hedge fund managers falls 35% to $14.4 billion
Stocks suffer through their worst bout of selling of the year