Pay cut for Morgan Stanley chief

Morgan Stanley chief executive James Gorman received lower pay for 2012 after profits declined but the bank showed progress in reshaping its businesses. Gorman received $6m (£3.8m) in total compensation for 2012, including $800,000 in salary, $2.6m in deferred cash and $2.6m in stock options, a person familiar with the matter said yesterday. He did not receive a cash bonus. Gorman made $8.56m for 2011.