Morgan Stanley CEO Gets Pay Raise to $1.5 Million

James Gorman, CEO, Morgan Stanley
Matthew Belvedere | CNBC
James Gorman, CEO, Morgan Stanley

Morgan Stanley said Chief Executive James Gorman will receive a base salary of $1.5 million in 2013, nearly double the $800,000 he received last year.

Morgan Stanley 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.

The announcement comes a week after after it was reported that Gorman made $6 million in total compensation for 2012 -- some $2.5 million less than he got for 2011.