John Mack will receive total annual compensation of at least $25m (€21m) in his first full year as chief executive and chairman of Morgan Stanley. The package, which includes his bonus and stock, will be the average of that paid to his counterparts at four Wall Street rivals.

Mack has signed a five-year contract with the firm. His annual basic salary will be not less than $775,000, according to a filing late last night with the Securities and Exchange Commission, the US regulator.