Tuesday 25 April 2017

Kelleher pay is $19.5m at Morgan Stanley

Colm Kelleher. Photo: Bloomberg
Colm Kelleher. Photo: Bloomberg

Laura J Keller

Morgan Stanley President and Irishman Colm Kelleher, who runs the firm's investment bank and retail brokerage, received $19.5m for his work last year, a 27pc increase.

Kelleher (59) was paid $1.67m in salary, $6.88m in deferred cash and $2.4m in deferred stock, the New York-based bank said in a regulatory filing.

The Cork native also got a $4.06m cash bonus and a $4.49m long-term incentive. His 2015 compensation totalled $15.3m.

The firm, which has been making progress toward achieving financial targets, disclosed in January that chief executive officer James Gorman, 58, received a 7.1pc raise for 2016 to $22.5m.

Kelleher and Gorman's pay far outstrips the remuneration packages of bosses at Irish plcs.

In 2015, Morgan Stanley posted the worst performance among the six largest US banks as it grappled with weak profit from its fixed-income trading unit.

Profit in Morgan Stanley's institutional securities division, which houses the investment bank, fell 1pc to $3.65bn in 2016 from a year earlier as revenue from deals declined. Wealth management gained 1pc to generate net income of $2.1bn.

Bloomberg

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