Morgan Stanley CEO's pay cut

Morgan Stanley cut CEO James Gorman’s compensation by 6.7% after the firm missed financial targets and the stock lagged behind competitors.

Bloomberg News reports that Gorman, 57, got $21m for his performance in 2015, Mark Lake, a company spokesman, said Friday. That includes $4.64m of stock and $1.5m in salary. The firm will report other details about the CEO’s pay later this year.

Morgan Stanley shares slumped 18% last year, the worst performance among the six biggest U.S. banks, as the firm struggled to improve returns at its fixed-income trading division. The company this month unveiled a $1bn cost-cutting initiative and new leadership of a scaled-back bond-trading unit. Last year’s share decline was the second-worst performance under Gorman, who became CEO in 2010.

Gorman, who’s also chairman, received a $22.5m compensation package for 2014, 25% higher than the previous year.

To access the complete Bloomberg News article hit the link below:

Morgan Stanley Cuts Gorman's Pay 6.7% to $21 Million for 2015

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