This is was Colm Kelleher's pay last time he got an expat package from Morgan Stanley
Colm Kelleher is doing pretty well at Morgan Stanley. The Irish-born accountant, described as "gregarious" by the Wall Street Journal and the "ultimate survivor" by the New York Times, has vanquished arch rival Greg Fleming to become president of Morgan Stanley and James Gorman's number two. Kelleher, who was paid $18m last year, is quite likely to move to New York as a result.
Helpfully, therefore, we've unearthed Kelleher's expat package from the last time he left Canary Wharf for Broadway, in 2006. It's buried on the SEC's Edgar filing system, here.
In 2006, Kelleher was on his way to becoming CFO and head of strategy planning at Morgan Stanley. After joining the bank in 1989, Kelleher had already been at Morgan Stanley for 17 years, and was co-head of fixed income and head of fixed income sales for Europe. While Morgan Stanley offered him some pretty generous inducements to cross the Atlantic, his salary looks pretty parsimonious by current standards.
This is what the package entailed:
- A salary of £170k ($248k) - equivalent to the salary he received in London.
- A cost of living allowance ('paid to equalise the expatriate for the difference between the cost of goods and services in the home location versus the cost of these same goods and services in the assignment location') of £6.5k ($9.5k) annually.
- A housing allowance of $11k per month.
- A utility allowance of $700 per month.
- A relocation allowance of £6.6k ($9.6k).
- A 10 day all expenses paid trip with the whole family to find a new house.
- The cost of transporting one air shipment of personal effects (excluding furniture) to a maximum of 500lbs, plus an additional 100lbs for each accompanying family member.
- All costs of renting out the house in the UK (if this is what he chose to do) while he was in NYC, plus a 'rental refurbishment allowance.'
- School fees for all children over 5.
Banks have curtailed the use of expat packages since the financial crisis. However, in light of Kelleher's super-seniority, we suspect the bank might offer him the same sort of thing again. Morgan Stanley declined to comment.