By AnnaMaria Andriotis

Morgan Stanley paid Chief Executive James Gorman $31.5 million for his work in 2022, a 10% pay cut from the year before.

Morgan Stanley's board of directors said Friday it awarded Mr. Gorman a salary of $1.5 million and a cash bonus of $7.5 million for his work last year. The bulk of his pay is in stock awards tied to how well the bank performs over the next few years.

Previously, the bank paid Mr. Gorman $35 million for his work in 2021, his largest pay package ever since becoming CEO in 2010. Morgan Stanley's profit and revenue both rose by double digits in 2021. About 95% of shareholders that voted at last year's annual meeting approved Mr. Gorman's 2021 pay package.

Morgan Stanley shares fell 13% in 2022, though that was better than the KBW Nasdaq Bank Index or the S&P 500.

The bank's earnings results Tuesday showed that its investments in wealth management are paying off. Morgan Stanley's 2022 profit fell 27% and revenue fell 10%, reflecting a continued slowdown in corporate dealmaking that had previously fueled blockbuster earnings. Still, Mr. Gorman has been focused throughout his tenure on growing the wealth-management unit, and it reported higher annual profit and record revenue. That unit accounted for about 45% of total company revenue in 2022.

JPMorgan Chase & Co. on Thursday disclosed that it awarded its chief Jamie Dimon $34.5 million for his 2022 compensation.

The other big banks are expected to report their CEOs' 2022 pay in the coming days.

Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com

(END) Dow Jones Newswires

January 20, 2023 16:43 ET (21:43 GMT)

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