James Gorman is going shopping for his asset-management unit.
The unit’s fixed-income offering is “smaller than we would like” and the company sees opportunities to grow in alternative products such as private equity and infrastructure, he said on a call with analysts after the bank reported a drop in fourth-quarter revenue.
In the meantime, Bloomberg also reports that Morgan Stanley boosted Chief Executive Officer James Gorman’s compensation by 7.4% to $29 million for 2018.
Gorman, 60, got a $13.75 million incentive tied to achieving future targets, and $6.875 million in both cash and restricted shares, according to a regulatory filing Friday. The package, which includes his $1.5 million salary, surpasses the $27 million he was paid for 2017 as the most he’s received since taking the helm.