Morgan Stanley said on Wednesday it had approved $45 million for CEO Ted Pick’s total compensation for 2025, up from $34 million in 2024.

Morgan Stanley’s CEO pay rose 32% compared to his first year in the top job. In a securities filing, the bank’s compensation committee said the firm had “exceptional results” in 2025, citing record net revenues and earnings per share and total return to shareholders of 45%.

The filing adds that three-fourths of Pick’s compensation is deferred over three years and will be paid if performance goals are met. Ted Pick’s compensation last year was, for the first time, above James Gorman’s $37 million in 2023.

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(Reporting by Ateev Bhandari in Bengaluru and Tatiana Bautzer in New York; editing by Edward Tobin)