MORGAN STANLEY CEO GORMAN'S ANNUAL PAY RISES BY US$6M

Morgan Stanley chief executive James Gorman's annual pay rose by US$6 million in 2020, according to a regulatory filing released on Friday. Gorman will receive US$33 million for his work last year, compared with US$27 million in 2019, the bank said. Morgan Stanley directors based the decision on the firm's record financial performance in 2020 and Gorman's progress in implementing the bank's long-term strategy, it said. Under Gorman, Morgan Stanley produced net income of US$11 billion, compared with US$9 billion a year ago and a return on tangible common equity of 15.2 per cent compared with 13.4 per cent a year ago. He also engineered two large back-to-back acquisitions, those of Eaton Vance and E*Trade, to bolster its investment management and broking arms.