(Reuters) - Morgan Stanley set its Chief Executive Officer Ted Pick's compensation at $34 million for his first year in the top post, according to a filing on Thursday.

Morgan Stanley paid Chief Executive Officer Ted Pick $34 million for his first year leading the bank. The firm said in a regulatory filing that 75% of Pick’s bonus will be deferred over three years and is subject to cancellation,

Ted Pick made $34 million for his work as CEO of Morgan Stanley in 2024, his first year on the job. The board cited Morgan Stanley’s financials, including its profit and record net revenue, as reasons for his pay,