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Morgan Stanley CEO James Gorman topped the list of CEOs in the US banking industry, surpassing his counterpart in JPMorgan Chase & Co CEO Jimmy Dimon.
Gorman earned $ 33 million for 2020, compared to $ 31.5 million for Jimmy Dimon.
In the past year, the year of record profits, Gorman executed two of the biggest deals at one of Wall Street’s biggest banks.
The surge in those deals brought the market value of Morgan Stanley shares to more than $ 130 billion, almost 30% more than that of rival Goldman Sachs Group.
The Morgan Stanley boss took a surprise employee pay cut for 2019 amid record earnings and profits. The move was linked to cost-cutting efforts and a series of layoffs.
In 2020, Morgan Stanley kept its promise not to cut jobs to reassure employees worried about the evolution of the pandemic.
Some of the competitors who made a similar pledge changed course as it became clear that the problems caused by the virus were likely to outlast the current readiness to keep cost cuts on hold.
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