Morgan Stanley CEO in $1m stock give away

James Gorman Pic

James Gorman, the CEO of Morgan Stanley, gave away nearly $1m worth of stock he owned in the bank last week.

The New York Times reports that Gorman disclosed the gift of more than 30,000 shares in a filing with the Securities and Exchange Commission on Tuesday. The filing did not say where the shares went.

Nearly all of the donated stock came from something called a 'grantor retained annuity trust,' which is a tax-efficient vehicle from which people typically donate to charity or family. Gorman is left with 35,558 shares in the trust after last week’s transaction.

To access the complete New York Times article hit the link below:

Morgan Stanley Chief Discloses Stock Gift

R.B.S. Said to Place Trader on Leave Amid Currency Invesitgation

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts