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
- UPDATE 8-Israel pounds Gaza despite international peace efforts
- UPDATE 3-Comcast profit boosted by internet subscriber growth, NBC
- Italy gives Google 18 months to change data use practices
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Harley-Davidson, a U.S. icon, highlights offshoring's perils
Supreme Court could allow Sahara boss to conduct asset sale talks, company says. Full Article