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.