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The Boston Globe

Business

Lower pay expected for Morgan Stanley chief

After a year of mixed financial performance at Morgan Stanley, the firm’s chief executive, James P. Gorman, is expected to take a second annual pay cut.

Gorman’s compensation for last year is estimated to be slightly less than the $10.5 million he took home in 2011, according to a person briefed on the matter. His 2011 pay was down 25 percent from the previous year.

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