-Morgan Stanley grants USD10.5m in bonus to CEO.
Global Banking News - 23 January 2012
Morgan Stanley (NYSE: MS) has awarded its chief executive, James Gorman, an USD10.5m bonus for 2011, down 25 percent from the previous year, Reuters has reported, citing a source familiar with the matter.
All of Gorman's bonus will be deferred for a period of two to three years, including a USD5.1m restricted stock award detailed in a filing with the US Securities and Exchange Commission (SEC). The restricted stock units, as well as other performance-based stock awards, will vest over a three-year period, the report said. Additionally, Gorman will also receive a cash bonus over a period of two years. The USD10.5m total bonus comes in addition to the USD800,000 salary that he has received for 2011, and is down from USD14m in 2010.
Overall, Morgan Stanley has paid out USD16.4bn worth of compensation and benefits in 2011, which translated into USD264,996 per employee. The reduction comes as Morgan Stanley posted weak results, as well as difficult market conditions, the report noted.
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