Morgan Stanley president sees pay cut

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Morgan Stanley cut Colm Kelleher’s pay 4.7% to $15.3m for 2015, the year before he was promoted to president.

Bloomberg News reports that Kelleher, 58, received a $6.31m salary, $2.08m in deferred cash and $3.16m in deferred stock, the bank said Friday in a regulatory filing. He also got a $417,000 cash bonus and a $3.29 million long-term incentive. He received $16m in total compensation for 2014, plus a $2m “supplemental award.”

Kelleher, who’s run the firm’s investment bank and trading business since 2013, gained responsibility of the retail brokerage in January. The move followed CEO James Gorman’s decision to remain in the top job for at least another half-decade, leading to the departure of brokerage head Greg Fleming. The changes established Kelleher as the most likely to take charge of the firm if Gorman, 57, departs earlier than planned. Fleming was also paid $15.3m for 2015, according to the proxy.

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

Morgan Stanley Cuts Kelleher's 2015 Pay to $15.3 Million

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