CORRECTED - UPDATE 2-Morgan Stanley CEO pay tops Goldman's Blankfein

(In paragraphs one through five, corrects Gorman's total compensation for 2009 to $15 million and corrects to say his pay will top that of Goldman CEO Blankfein)

* Gorman's 2009 compensation could total about $15 mln

* Gorman received $5.7 mln deferred cash bonus for 2009

* Former CEO Mack declined a bonus; made $1.25 mln

By Steve Eder

NEW YORK, April 1 (Reuters) - Morgan Stanley (MS.N) Chief Executive James Gorman will get a compensation package that could be worth about $15 million for 2009, paying him more than Goldman Sachs Group Inc's (GS.N) CEO Lloyd Blankfein.

Gorman, who was co-president in 2009, will receive $6.5 million in deferred cash bonuses and pay for 2009, plus additional stock awards that could be worth $8.5 million, based on filings with the U.S. Securities and Exchange Commission.

Gorman's pay package for 2009 puts him ahead of Blankfein, who was paid about $9.5 million in stock bonuses and base pay in 2009.

Gorman's pay includes a $5.7 million deferred cash bonus, which is subject to a clawback. Blankfein received a stock bonus worth $8.9 million, which he must hold for a period of years.

Even though Gorman outearned Blankfein in 2009, Goldman has far outperformed Morgan Stanley in the aftermath of the financial crisis. In 2009, Goldman reported a record profit while Morgan Stanley reported an annual loss.

On Jan. 1, 2010, Gorman succeeded John Mack as CEO.

Mack, who remained chairman, has not taken a bonus for the past three years. Mack's total compensation for 2009, which included a base salary of $800,000, was $1.25 million.

Pay practices at Wall Street firms have been in the public spotlight since U.S. taxpayers committed hundreds of billions of dollars to bail out the banking industry starting in 2008.

Morgan Stanley and Goldman repaid taxpayers, but were criticized for paying out-sized bonuses so soon after the bailout. (Reporting by Steve Eder; Editing by Carol Bishopric and Steve Orlofsky)