Morgan Stanley boosts CEO Ted Pick's compensation to $34 million in first year at helm
(Reuters) - Morgan Stanley (NYSE: MS ) CEO Ted Pick's compensation was set at $34 million for 2024, his first year in the top job, a filing showed on Thursday.
Leaders of Wall Street rivals, including David Solomon at Goldman Sachs and Jamie Dimon of JPMorgan Chase (NYSE: JPM ), also got pay bumps after their company profits rose, buoyed by a resurgence in investment banking.
Pick, a three-decade Morgan Stanley veteran, was paid $25 million as co-president of the investment bank in 2023, including a salary of $1 million.
His payout was awarded for "outstanding performance, including the successful completion of the leadership transition and the firm’s exceptional financial performance," the bank's board said in a filing, citing record revenue, higher earnings and a market capitalization that surpassed $200 billion.
Morgan Stanley's former chief, James Gorman, received compensation of $37 million in 2023, making him the highest-paid Wall Street bank CEO for his last year at the helm.