A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022.
REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday.
The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income.
It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition.
Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.
Persons:
Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang
Organizations:
New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson
Locations:
New York City, U.S, New York, Bengaluru