Now, that put-your-money-where-your-mouth-is approach appears to have paid off.
Ruth Porat, the bank’s chief financial officer, and Paul J. Taubman, then one of the co-heads of the bank’s securities arm, bought more than $1.5m worth of shares at the same time Gorman did. Today, those shares would be worth more than $2.2m, assuming they have not yet been sold.
Gorman, like other bank chief executives, receives stock as part of his annual compensation. His equity award nearly doubled, in fact, in 2013. But it is rare for the head of a bank to purchase shares in his or her own company.
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