Morgan Stanley CEO's annual pay rises by over 20% after bank's success

Under James Gorman, Morgan Stanley produced net income of $11 billion, compared with $9 billion a year ago.

Morgan Stanley Chief Executive James Gorman's annual pay rose by $6 million, or 22%, last year, according to a regulatory filing released on Friday.

Gorman will receive $33 million for his work in 2020, compared with $27 million the year before, the bank said. Gorman's pay had fallen by 7% in 2019.

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 $11 billion, compared with $9 billion a year ago and a return on tangible common equity of 15.2%