Fleming, who runs the brokerage and asset-management unit, was awarded $2.43m of deferred cash and $2.43m of options. Both men got a $3m long-term incentive award in addition to their salaries.
Kelleher, 55, won out over rival Paul J. Taubman to lead the investment bank, and met goals for reducing risk-weighted assets in fixed-income trading a year ahead of schedule. Fleming, 50, boosted the brokerage’s profit margin in the fourth quarter above his target for the middle of 2013.
'I am proud of the work we have done to lay a strong foundation for Morgan Stanley’s future', Morgan Stanley CEO James Gorman wrote in his annual letter to shareholders. 'While we sometimes wish that markets were faster to recognize our progress, we are pleased that equity investors appear to have taken notice of our momentum'.
Hit the link below to access the complete Bloomberg article: