Morgan Stanley gave its chairman and CEO, James Gorman, a 7% raise for 2016, while Goldman Sachs Group Inc. cut stock awards for several executives but didn’t disclose compensation for its top executive Lloyd Blankfein.

Mr. Gorman received a pay package valued at $22.5 million for his work in 2016, up from $21 million the previous year, according to a spokesman for the New York firm. The 2016 haul included a $5 million stock award disclosed in a filing Friday afternoon and a salary of $1.5 million. The details of the remainder...