The bank said in a regulatory filing on Wednesday that Mr. Gorman’s pay package was justified by his success in reducing the bank’s reliance on risky trading activities and cutting costs across the company.
The company’s return to shareholders — which includes dividends paid out — rose 25 percent last year, compared with 13 percent for its peers, the bank said.
MS weekly
The raise puts Mr. Gorman’s annual compensation above that received by Jamie Dimon, the chief executive of the nation’s largest bank, JPMorgan Chase, but below that of Lloyd Blankfein, the chief executive of Morgan Stanley’s longtime competitor, Goldman Sachs.
Mr. Blankfein is expected to receive $24 million for 2014 and could receive more when long-term stock awards are included. Goldman has not yet released the full details of Mr. Blankfein’s pay package for 2014. Mr. Dimon is set to receive $20 million for 2014.
Mr. Gorman’s pay is broken down into a $1.5 million base salary, a $4.7 million cash bonus, $5.4 million in deferred cash, $4.4 million in deferred stock awards and $6.5 million in stock awards that he will receive if the company meets certain performance targets.
The total pay package compares with the $18 million he received last year and is more than double the $9.8 million he received in 2012.
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