Morgan Stanley CEO gets higher base pay of $1.85 million in 2013
NEW YORK (REUTERS) - Morgan Stanley chief executive James Gorman will get a higher base salary in 2013, while his overall pay package declined 7 per cent last year, according to a regulatory filing on Thursday.
Mr Gorman, who runs the sixth-largest United States (US) bank, will receive a base salary of US$1.5 million ($1.85 million) in 2013, up from US$800,000 the previous year.
Morgan Stanley said the pay bump was granted after a consultation with an independent adviser, for the purpose of bringing Mr Gorman's base salary "in line" with other bank chief executives.
The five chief executives running larger US banks had base salaries in a range of US$950,000 to US$2.8 million.