Canadian Finance Minister Jim Flaherty, left, shakes hands with Bank of Canada Governor Mark Carney, right, in Ottawa, Ontario, Monday Nov. 26, 2012. Carney will become head of the Bank of England next summer. Flaherty called it a bittersweet moment as he announced Carney's new job as the first time a foreigner has been tabbed to run Britain's venerable national bank. (AP Photo/The Canadian Press, Fred Chartrand)
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Canadian Finance Minister Jim Flaherty, left, shakes hands with Bank of Canada Governor Mark Carney, right, in Ottawa, Ontario, Monday Nov. 26, 2012. Carney will become head of the Bank of England next summer. Flaherty called it a bittersweet moment as he announced Carney's new job as the first time a foreigner has been tabbed to run Britain's venerable national bank. (AP Photo/The Canadian Press, Fred Chartrand)
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FILE - In this July 23, 2009 file photo, Bank of Canada Governor Mark Carney speaks during a news conference at the National Press Theatre in Ottawa. British Chancellor George Osborne announced on Monday, Nov. 26, 2012 that Canadian central bank chief Mark Carney is to lead Bank of England next year. (AP Photo/The Canadian Press, Sean Kilapatrick, File)
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FILE -- In a Nov. 8, 2012 file photo Bank of Canada Governor Mark Carney waits to address the Canadian Club in Montreal. British Chancellor George Osborne announced on Monday, Nov. 26, 2012 that Carney is to lead Bank of England next year. (AP Photo/ THE CANADIAN PRESS, Ryan Remiorz)
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Canadian Finance Minister Jim Flaherty, left, looks on as Bank of Canada Governor Mark Carney, right, speaks in Ottawa, Ontario, Monday Nov. 26, 2012. Carney will become head of the Bank of England next summer. Flaherty called it a bittersweet moment as he announced Carney's new job as the first time a foreigner has been tabbed to run Britain's venerable national bank. (AP Photo/The Canadian Press, Fred Chartrand)
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FILE - In this Nov. 19, 2008 file photo, Governor of the Bank of Canada Mark Carney laughs as he listens to a question following his speech on 'Building Continuous Markets', before the Canada/United Kingdom Chamber of Commerce conference at a hotel in central London. British Chancellor George Osborne announced on Monday, Nov. 26, 2012 that Canadian central bank chief Mark Carney is to lead Bank of England next year. (AP Photo/Lefteris Pitarakis, File)
Source: Morgan Stanley CEO will get a pay cut
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 due to 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. The person was not authorized to speak publically about the pay decision.
Gorman's pay cut is not expected to be as dramatic as that of JPMorgan Chase CEO Jamie Dimon. Earlier this month, JPMorgan's board said it would slash Dimon's pay in half, to $11.5 million, after the bank suffered a surprise $6 billion trading loss last year.
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