Mor­gan Stan­ley to cut bonus pay­outs

The Pak Banker - - International3 -

BANGALROE: Mor­gan Stan­ley (MS.N) is plan­ning to pay out 10 to 25 per­cent less bonus this year to its em­ploy­ees, ow­ing to volatile mar­ket con­di­tions, the Wall Street Jour­nal said, cit­ing a per­son fa­mil­iar with the sit­u­a­tion.

Sev­eral man­ag­ing di­rec­tors who man­age groups of em­ploy­ees have been in­formed of the bonus es­ti­mates, which are pre­lim­i­nary and sub­ject to change in the com­ing weeks, the per­son told the paper.

The cuts would af­fect traders, back-of­fice staff and other ma­jor em­ployee groups. Also, top ex­ec­u­tives might be per­suaded to take a lesser bonus this year, the Jour­nal said.

How­ever, strong per­form­ers in the eq­uity cap­i­tal mar­kets and in­vest­ment bank­ing could be spared from the planned bonus cuts, ac­cord­ing to the Jour­nal. If the bank ex­pe­ri­ences an in­creased rev­enue flow in the last few weeks of De­cem­ber, bonus re­duc­tions might be smaller than cur­rently ex­pected, the paper said. "All in­di­ca­tions are that pay will be down. (James) Gor­man has been pretty ar­tic­u­late about that," one Mor­gan Stan­ley of­fi­cial told the Jour­nal. James Gor­man is the Chief Ex­ec­u­tive of Mor­gan Stan­ley. -Reuters

NEW DELHI: In­dia's Kapil Dev, West Indies' Vi­vian Richards, ESPN STAR Sports pre­sen­ter Alan Wilkins, Pak­istan's Im­ran Khan and Sri Lanka's Ar­juna Ranatunga, all for­mer cap­tains that won the cricket world cup for their re­spec­tive sides, other than Wilkins, re­late their ex­pe­ri­ences as win­ning cap­tains dur­ing a press con­fer­ence in New Delhi, In­dia on Thurs­day. -Ap

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