Morgan Stanley reduced Chief Executive Officer James Gorman’s payment by 10% to $31.5 million for 2022, a year in which revenue toppled and the shares sank.
The bundle consists of $1.5 million in wage and a $7.5 million money reward, the company stated in a filing Friday. The huge bulk remains in the type of $22.5 million in equity-linked awards, which pay in shares.
The pay bundle follows an extreme, industrywide concentrate on payment and other costs amidst a depression in dealmaking and issue about the effect a possible economic downturn will have on Wall Street earnings. At Morgan Stanley, that equated into a round of 1,600 cuts from December in a worldwide labor force of about 82,400.
On Thursday, JPMorgan Chase stated it was keeping pay for its chief, Jamie Dimon, at $34.5 million for his operate in 2022.
Gorman, 64, got a 6% increase in spend for 2021 after the New York-based business published its most lucrative year ever. A year previously, he rose previous Dimon as the best-paid CEO of a significant U.S. bank.
In 2022, Morgan Stanley’s revenue moved by more than a quarter and the shares lost more than 13%.