Morgan Stanley CEO Ted Pick's compensation was set at US$34m for 2024, his first year in the top job, a filing showed on Thursday, Reuters reported.

Leaders of Wall Street rivals, including David Solomon at Goldman Sachs and Jamie Dimon of JP Morgan, also got pay bumps after their company profits rose, buoyed by a resurgence in investment banking.

Pick, a three-decade Morgan Stanley veteran, was paid US$25m as co-president of the investment bank in 2023, including a salary of US$1m.

His payout was awarded for "outstanding performance, including the successful completion of the leadership transition and the firm’s exceptional financial performance," the bank's board said in a filing, citing record revenue, higher earnings and a market capitalisation that surpassed US$200bn.

Morgan Stanley's former chief, James Gorman, received compensation of US$37m in 2023, making him the highest-paid Wall Street bank CEO for his last year at the helm.

Source: IFR