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Morgan Stanley Cuts Gorman's Pay 6.7% to $21 Million for 2015

  • Package includes $4.64 million of stock, $1.5 million salary
  • Bank's stock slumped 18% last year, lagging behind rivals
James Gorman, chief executive officer of Morgan Stanley.

James Gorman, chief executive officer of Morgan Stanley.

Photographer: Simon Dawson/Bloomberg

Morgan Stanley cut Chief Executive Officer James Gorman’s compensation by 6.7 percent after the firm missed financial targets and the stock lagged behind competitors.

Gorman, 57, got $21 million for his performance in 2015, Mark Lake, a company spokesman, said Friday. That includes $4.64 million of stock and $1.5 million in salary. The New York-based firm will report other details about the CEO’s pay later this year.