{"id":6879,"date":"2023-10-30T00:19:21","date_gmt":"2023-10-30T00:19:21","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/morgan-stanley-gives-new-ceo-ted-pick-2-executives-20-million-bonuses\/"},"modified":"2023-10-30T00:19:21","modified_gmt":"2023-10-30T00:19:21","slug":"morgan-stanley-gives-new-ceo-ted-pick-2-executives-20-million-bonuses","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6879","title":{"rendered":"Morgan Stanley gives new CEO Ted Pick, 2 executives $20 million bonuses"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: 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<\/span>
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By Tatiana Bautzer and Manya Saini<\/p>\n

(Reuters) -Morgan Stanley 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.<\/p>\n

The performance-linked stock awards for Pick, Co-President Andy Saperstein and incoming Co-President Dan Simkowitz were based on fair value calculations of the bank’s current stock price. The bonuses vest in 2027.<\/p>\n

Earlier this week, Pick won the race to succeed long-time CEO James Gorman on Jan. 1. He promised to stick to the blue-chip Wall Street firm’s strategy as it navigates a deal-making slump and uncertain economic outlook.<\/p>\n

Pick, 54, leads Morgan Stanley’s institutional securities unit, which houses its powerhouse investment banking and trading operations. 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.<\/p>\n

Saperstein, 56, will oversee wealth and investment management on Jan. 1. Simkowitz, 57, will assume institutional securities from Pick after previously leading investment management.<\/p>\n

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.<\/p>\n

Pick described Saperstein and Simkowitz as “terrific friends,” in an interview with Reuters, while outgoing CEO Gorman praised the three executives.<\/p>\n

“CEO changes don’t occur in a vacuum, and there is the chance for other management changes and\/or turnover,” Wells Fargo Mike Mayo wrote in a note this week.<\/p>\n

Gorman will become executive chairman and may stay up to a year to help with Pick’s transition.<\/p>\n

Gorman was named CEO in January 2010 at the same time as his counterpart Brian Moynihan at Bank of America. Both executives, along with JPMorgan Chase (NYSE:) Jamie Dimon, have led their respective firms through the wreckage of the financial crisis. 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 <\/span><\/span> (NYSE:) Vance.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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