Morgan Stanley


was the worst performing big brokerage stock in 2004, but that didn't stop the Wall Street firm from giving a fat pay increase to Chairman and CEO Phil Purcell.

Last year, Purcell's total compensation package was $22 million, up 38% in value from 2003, according to a company regulatory filing.

Purcell's pay package in 2004 includes $13,796,250 in restricted stock units. In 2003, he received $4 million in restricted stock.

On Wall Street, restricted stock, which cannot be immediately sold, has become an increasingly popular way of paying top executives.

His base salary of $775,000 was unchanged from the prior year. In 2004, Purcell got a $7.4 million bonus, up slightly from $7.1 million in 2003.

In the filing, the company said that Purcell's compensation reflects his "work with several important institutional clients, his work on industry matters and his overall leadership.''

Last year, shares of Morgan Stanley were essentially unchanged. Meanwhile, the Amex Securities Broker/Dealer Index rose 15%.