The New York Times reports that the bonus was disclosed in a regulatory filing on Friday that did not provide Gorman’s total compensation for 2014. In addition to the stock bonus, Gorman will most likely also receive a cash bonus and another stock bonus tied to the bank’s future performance.
In 2013, Gorman’s total compensation was $18 million, nearly double what he received the year before. It was, though, less than the pay packages given to the chief executives at his biggest competitors, Goldman Sachs and JPMorgan Chase.
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