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EXCLUSIVE - Morgan Stanley to defer bonuses for high earners: sources
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The headquarters of Morgan Stanley is pictured in New York January 9, 2013.
Credit: Reuters/Shannon Stapleton
NEW YORK |
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)
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