Morgan stanley chairman gets $1. 2 million raise

Morgan Stanley announced company Chairman John Mack will receive a $1.2 million increase to his base salary, according to a regulatory filing reported by Dow Jones Newswires on Friday.

Mack’s salary increase was approved by the company’s compensation committee Friday and puts his base salary at $2 million. Mack has not received any year-end bonuses for 2007, 2008 and 2009,

the financial firm said. The announcement of Mack’s pay raise comes the same day the company announced it was cutting 200 staffers from its brokerage department, the latest round of

cutbacks as the big Wall Street firm completes the merger of its brokerage sales force with the Smith Barney brokerage unit, FOX Business Network reported. Morgan Stanley announced that it

was taking over the Smith Barney brokerage unit in 2009 from Citigroup, which began shedding assets because of losses tied to the financial crisis. Though Morgan Stanley has been cutting

staff as part of the integration of both firms, the latest cuts were among the largest, FOX Business learned. When the firms are fully integrated in 2011, the combined brokerage unit, with

18,000 financial advisers, will be Wall Street’s largest firm ahead of the15,000 advisers at Bank of America Merrill Lynch. A spokesman for Morgan Stanley confirmed the cuts and said no

brokers were let go as part of the staff reduction.