Morgan Stanley boss doubles pay

Morgan Stanley said chief executive James Gorman will receive a base salary of $1.5m (£946,000) in 2013, nearly double the $800,000 he received last year. Morgan Stanley, the sixth largest US bank, said the raise was to bring Gorman’s salary into line with the salaries paid to chief executives at rival financial institutions and to achieve an appropriate balance between fixed and at-risk variable compensation.