UPDATE 2-Morgan Stanley boosts pay for senior executives
* Boosting base salaries for officers to $800,000
* Does not expect to change total compensation
* Banks changing pay plans as big bonuses draw ire
(Adds background, information on other banks, bonus data)
By Steve Eder
NEW YORK, May 22 (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) said it raised the base salaries of senior officers to $800,000, but does not plan to raise total compensation, making the bank the latest to change pay packages to avoid political criticism.
Wall Street paid more than $18 billion of bonuses in 2008, a year in which it needed trillions of dollars of taxpayer support. Politicians have chastised Wall Street executives for paying themselves handsome bonuses, even as their industry failed, which has spurred banks to look for ways to cut bonuses.
Under Morgan Stanley's new base-pay arrangements, Chief Executive John Mack's base salary will not change, according to a filing. But co-presidents James Gorman and Walid A. Chammah will receive $800,000, according to a filing.
Colm Kelleher, chief financial officer, Gary G. Lynch, chief legal officer and vice chairman, and Thomas R. Nides, chief administrative officer, will each receive $750,000, according to the filing. Continued...
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