Morgan Stanley Workers Got a 20% Raise on Average in the First Quarter
Pay at Morgan Stanley surged in the first three months of 2017, according to the banking giant’s quarterly earnings report that wowed investors Wednesday.
In the first quarter, stronger market conditions helped push revenue at Morgan Stanley up 25% to $9.7 billion, and earnings up 74% to $1.8 billion—handily beating analyst estimates. Those strong figures also trickled down to Morgan Stanley’s employees: The bank paid an average $80,313 in benefits and compensation to each of its employees in the months of January, February, and March. Assuming Morgan Stanley continues its stellar performance through the rest of the year, employees could earn an annual 2017 salary of $321,252.
The bank’s first quarter payout represents a sweet raise of 20% from a year earlier, seeing as employees earned $67,233 on average in the first three months of 2016.
“We reported one of our strongest quarters in recent years,” Morgan Stanley CEO James Gorman said in a statement regarding the firm’s first quarter earnings. “All our businesses performed well in improved market conditions.”
The firm has also added some 296 employees since December—an increase of 828 heads in the last 12 months, with the company now employing some 55,607 people.
“For a company with 55,000 employees, an increase of 296 is not significant,” a spokesperson at Morgan Stanley said in response to queries from Fortune.
Morgan Stanley’s earnings come just a day after fellow banking giant Goldman Sachs revealed results that missed expectations in the first quarter, sending its market cap down by $4.3 billion by the market’s close Tuesday. Still, because revenue rose 27% in those three months, the average worker there earned $23,578 more than the same quarter a year earlier, resulting in a quarterly pay of about $96,610 in benefits and compensation.