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Morgan Stanley paid Ted Pick $ 34 million for his first year as chief executive, from what his predecessor James Gorman won in his last 12 months in the role and less than Wall Street rivals.
Most of Pick’s salary is a paid bonus paid in Morgan Stanley’s shares.
“The Compensation Committee based its decision to compensate for Mr. Pick in its extraordinary performance assessment, including the successful completion of the leadership transition and the firm’s extraordinary financial performance,” Morgan Stanley wrote in a regulatory folder on Tuesday.
It is less than $ 37 million earned by Gorman last year and also under its immediate banking rivals.
Jamie Dimon in JPMORGAN Chase and Goldman Sachs Chief David Solomon both earned $ 39 million in 2024. For Dimon, it was an 8 percent increase in salaries while Solomon’s compensation increased by 26 percent. The American Bank paid the chief executive Brian Moynihan $ 35 million last year, about 21 percent a year ago.
However, it is still a payment of payment from the $ 25 million choice earned in 2023 when he was co-president and led the division of Banks and Morgan Stanley’s investment trade.
The numbers underline the widespread wage gap between US and European banks. While European banks still do not have to disclose the salary of their executives for 2024, compensation to the largest US banks eclipses with ease SFR14.4MN ($ 15.9 million) earned by UBS Sergio Ermotti chief 2023, who The bank leader had done the most paid European.
Pick took over as CEO of Morgan Stanley early last year by Gorman, who had led the bank for 14 years. Morgan Stanley’s profits increased almost 50 percent to 2024 to $ 13.4bn, increased by the highest income in investing trading and banking.
