Morgan Stanley Chief Executive James Gorman's overall pay rose 7 percent in 2016 as the Wall Street bank's stock soared and it edged closer to hitting a key profitability target.

Gorman will receive $22.5 million in total compensation, up from $21 million in 2015, spokesman Mark Lake said in an email.

Gorman received a $5 million stock bonus for his performance in 2016, an 8 percent increase from 2015, according to a filing with the U.S. Securities and Exchange Commission.

The 117,293 shares were in addition to $1.5 million in salary, cash, deferred cash and long-term incentives.

The filing did not provide greater detail on Gorman's total 2016 compensation.

Gorman, who became CEO in 2010, has been focused on building Morgan Stanley's wealth management business, a more stable revenue source than trading.

Morgan Stanley posted an 8 percent return on equity in 2016, moving closer to the 9 to 11 percent range which Gorman aims to achieve by the end of 2017.

Morgan Stanley shares soared 33 percent in 2016, the biggest gainer among the largest U.S. banks' stocks. Gains were particularly strong after the Nov. 8 U.S. election, as investors bet that the Trump administration would usher in an era of less regulation and more economic growth.

Net income in 2016 fell 2 percent to $6 billion, weighed down by a challenging start to the year, when the bank cut 25 percent of jobs in its fixed income trading division after a prolonged slump in the business.

The fixed income unit rebounded after the first quarter, exceeding Gorman's target of $1 billion in revenue per quarter.

Gorman's pay was below that of JPMorgan Chase & Co. CEO Jamie Dimon's $28 million, up 3.7 percent in 2016.