Bloomberg reports that Gorman, 55, received a $6m long-term incentive and $5.09m in deferred cash for his work in 2013, Morgan Stanley said today in a regulatory filing. He also got a $316,000 cash bonus and $5.09m in stock in addition to his $1.5m salary.
Morgan Stanley shares jumped 64% last year as profit margins in the retail brokerage improved and revenue from equity trading was the highest since the financial crisis. Still, the firm had a 5% return on equity, unchanged from a year earlier and short of Gorman’s 10% goal.
Gorman got a $9.75m pay package a year earlier, including a $3.75m long-term incentive dependent on the bank hitting performance targets. His bonus was made up of $2.63m in stock options and $2.58m in deferred cash in addition to his $800,000 salary.
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