Goldman Sachs and Morgan Stanley Cut Chiefs’ Pay 

Goldman Sachs and Morgan Stanley have both cut the pay packages of their chief executives after a year when Wall Street was challenged by increased regulation and market turmoil.

Goldman Sachs, the most closely followed firm on Wall Street, said on Friday that it had lowered the annual bonus of its chief executive, Lloyd C. Blankfein, for the first time since 2011, bringing his pay for the year to $23 million, $1 million less than he made in 2014.

At Morgan Stanley, chief executive James P. Gorman’s compensation went down to $21 million, from $22.5 million the previous year.

The reductions were in contrast to the 35 percent raise that JPMorgan Chase said on Thursday that it is giving its chief executive, Jamie Dimon. JPMorgan was one of the few big banks to increase its revenue and profits last year.

Goldman Sachs’s revenue fell 2 percent in 2015, and its profits dropped more sharply. At Morgan Stanley, revenue grew modestly but the firm has struggled to improve its profitability. Mr. Gorman has recently announced several changes and cuts aimed at changing that.

Regulatory filings on Friday show that Mr. Blankfein is getting a stock award similar to what he received last year — worth about $14.7 million. His cash bonus, which was not disclosed in the filing, was reduced to $6.3 million, a decrease of $1 million, according to a person briefed on the compensation. Mr. Blankfein’s base pay remained at $2 million.

Mr. Blankfein has continued as chief executive since announcing last fall that he is in treatment for “highly curable” lymphoma cancer. He has been a continuing presence at the firm, though he has handed over some of his more grueling travel duties to the firm’s president, Gary D. Cohn.

Morgan Stanley disclosed in its filing that Mr. Gorman would receive restricted stock units that are currently worth $4.6 million.

A spokesman for the bank, Mark Lake, said that the other elements of Mr. Gorman’s pay package would bring it to $21 million.

Shareholders have pushed in recent years for banks to rely more on stock awards, which generally depend on the continuing performance of a company. The stock awards may also be worth more in the future if the company’s value goes up.

The other top executives at Goldman Sachs — Mr. Cohn; Harvey Schwartz, the firm’s chief financial officer; and Michael Sherwood, vice chairman, each also received $1 million less than they did the year before.

Morgan Stanley did not reveal the total pay of its other top executives.

Source: NYTimes – Goldman Sachs and Morgan Stanley Cut Chiefs’ Pay

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