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.
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Morgan Stanley Chief Discloses Stock Gift
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