Base salaries for banking executives at Morgan Stanley will rise this year as the company sets new compensation policies in the wake of scrutiny over bonuses for the financial services industry, according to Bloomberg.
The higher salary policy will apply to a majority of executives at the firm, a person briefed with the decision told Bloomberg.
Beyond the base salary, the company’s stock plan will “focus a greater portion of total compensation on long-term results rather than a one year performance period,” the company said in regulatory filings, the report noted.
The salary of Chief Financial Officer Colm Kelleher will more than double to $750,000. according to the report. Regulatory filings show chief executive John Mack’s base salary will remain the same at $800,000.
Morgan Stanley co-presidents James Gorman and Walid Chammah will be paid $800,000 and $750,000 respectively, the bank said in a regulatory filing, according to the report.
The company’s Chief Legal Officer Gary Lynch and Chief Administrative Officer Thomas Nides will both earn $750,000. They both received $300,000, according to Bloomberg data.