Morgan Stanley, the sixth-largest U.S. bank by assets, said Paul J. Taubman will receive 2012 deferred compensation that will vest upon his departure in May and will get an accelerated retirement package.
Taubman, who oversaw investment banking at Morgan Stanley, will remain an employee of the New York-based bank until May 5, according to a regulatory filing yesterday. The acceleration of his executive retirement plan is worth $1.7 million, based on his 27 years at the firm, according to the filing.
Taubman, 51, announced his retirement in November as Colm Kelleher, 55, took control of the investment banking business in addition to his oversight of the firm’s trading operations. Taubman and Kelleher had run the bank’s institutional securities group since 2010.
His deferred compensation from previous years will vest on May 5, and his 2012 awards will be distributed over four installments through December 2014, the firm said in the filing. The total value of his retirement package wasn’t disclosed.