Morgan Stanley granted special bonuses worth $20 million each to incoming Chief Executive Officer Ted Pick and his two deputies, Andy Saperstein and Dan Simkowitz.
The share-based awards, announced in a filing Friday, follow the firm’s announcement this week that Pick will succeed outgoing CEO James Gorman. In a rare move for Wall Street, the two men who missed out on the top job — Saperstein and Simkowitz — will stay at the bank, with Co-President Saperstein gaining oversight of the firm’s asset-management business in addition to his role leading wealth management, and Simkowitz replacing Pick as co-president ...
