GOP Tax Cuts Paying for the Rich as Morgan Stanley CEO’s Pay up 20%

NEW YORK (Reuters) – Morgan Stanley Chief Executive James Gorman’s overall pay rose 20 percent to $27 million last year during a period that saw the firm’s net revenues rise 10 percent and pre-tax profit margin rise 18 percent, according to bank filings released on Friday.

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Gorman’s total compensation includes a base salary of $1.5 million plus cash bonuses of about $5.6 million awarded in the early part of 2018, deferred cash and equity awards of nearly $7.2 million, and a long-term incentive plan based on performance worth $12.8 million.

Gorman, 58, has been chief executive of the Wall Street bank since 2010.

New this year, the bank reported the ratio between Gorman’s total compensation and the median annual total pay for all other employees to be 192 to 1, with the median 2017 compensation for employees being $127,863.

Gorman’s pay was below that of JPMorgan Chase & Co Chief Executive Jamie Dimon, who made $29.5 million last year, but higher than Citigroup Inc CEO Michael Corbat’s annual compensation of $23 million.

Morgan Stanley President Colm Kelleher’s total compensation rose to $23 million and Chief Financial Officer Jonathan Pruzan’s total pay rose to $11.5 million.

(Reporting by Elizabeth Dilts and David Henry; Editing by Richard Chang and James Dalgleish)