Morgan Stanley dropped CEO James Gorman’s salary by 10%, to $31.5 million, for 2022, a year in which the company’s profit fell and its stock price fell.
The package includes a $1.5 million salary and a $7.5 million cash bonus, according to a filing made by the company on Friday. The great majority consists of equity-linked awards that pay out in shares, totaling $22.5 million.
The incentive package is the result of an industry-wide emphasis on compensation and other expenses amid a decline in dealmaking and apprehension about the impact of a prospective recession on Wall Street revenue. At Morgan Stanley, this resulted in 1,600 layoffs since December, out of a total workforce of approximately 82,400.
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