CEOs of two rival International investment banks face contrasting salary patterns as Goldman Sachs CEO’s pay drops by $10 million while Morgan Stanley’s Chief Executive officer James Gorman’s annual pay rose by $6 million.
Both financial institutions Goldman Sachs and Morgan Stanley are two global investment banks that have been competitors for nearly a century. They have been rivals for more than 80 years.
James Gorman’s annual pay rose by $6 million, or 22 percent, who is the CEO of Morgan Stanley Mr Gorman will receive $33m for his work in 2020, compared with $27m the year before.
While Goldman Sachs Group Inc. slashed down its CEO David Solomon’s annual compensation to 36% who package was reduced to $17.5 million for 2020.
The huge contrast in the salary of both CEOs belonging to 2 top-of-the-line investing rival banks can be observed, the payout fell for Solomon as he was required to return about $10 million to make amends for the firm’s criminal role in the looting of the Malaysian investment fund.
While Mr. Gorman belonging to Morgan Stanley got an increment as the company headed by him produced net income of $11 billion, his annual pay rose by $6 million.
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company headquartered in New York City.
It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting. It also provides investment banking to institutional investors.
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Morgan Stanley is an American multinational investment bank and financial services company, its headquarter is in New York City.
With offices in more than 42 countries and more than 60,000 employees, the firm’s clients include corporations, governments, institutions, and individuals.