EXCLUSIVE - Morgan Stanley to defer bonuses for high earners: sources
NEW YORK (Reuters) - Morgan Stanley (MS.N) is deferring 100 percent of the bonuses for high-earning employees, according to three sources familiar with the situation.
The deferral applies to all employees, except for financial advisers, who make more than $350,000 annually and whose bonuses are at least $50,000, one of the sources said. The deferred bonuses will be paid out over a three-year period.
Employees who make less than $350,000 annually and whose bonuses total less than $50,000 will receive their cash bonuses in February, the source said.
Mark Lane, a Morgan Stanley spokesman, declined to comment on the matter.
(Reporting by Nadia Damouni, Jessica Toonkel, Lauren Tara LaCapra; editing by Jeffrey Benkoe and John Wallace)
- Tweet this
- Share this
- Digg this
Trending On Reuters
India should increase public spending to boost economic growth in the medium term as there have been no signs of private investment picking up, chief government economic adviser Arvind Subramanian said on Friday. Full Article