Sunday News

Pay cut for Morgan Stanley CEO

NEW YORK (AP) -- Morgan Stanley CEO James Gorman will get a pay cut for 2012.

A person familiar with the situation says the bank plans to trim Gorman's pay from its 2011 level because of a lackluster stock performance and other corporate growth measurements.

According to an Associated Press analysis, Gorman's compensation package totaled $13 million in 2011.

The person said that, as in 2011, Gorman will not receive any immediate cash bonus for 2012.