A few days after Morgan Stanley reported its first loss in its 74-year history, the bank announced late Friday afternoon that its chief executive, James P. Gorman, would receive $8.11 million in deferred stock as part of his bonus for 2009, The New York Times’s Graham Bowley reports.
Mr. Gorman will also receive a further deferred cash bonus, which the bank did not disclose in regulatory filings on Friday. That deferred cash payment will only be revealed when the bank files its proxy statement in April.
In the current bonus season, Morgan Stanley is the first of the big three Wall Street banks — the others being JPMorgan Chase and Goldman Sachs — to announce what its chief executive will receive. Vikram S. Pandit, chief executive of ailing Citigroup, has already said that he would take no bonus and a salary of only $1 a year until the bank is profitable again.
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