This should come as no real surprise.
On the back of all the noise earlier this week about Goldman Sachs and doughnuts (or donuts) bonuses, Fox Business Network's Charlie Gasparino has been hearing some interesting things about Morgan Stanley.
Gasparino's sources inside the firm have said that CEO James Gorman has been busy trying to manage year-end bonus expectations, warning senior bankers and traders to expect significantly lower bonuses than last year, and in some cases, zero payouts if they want to keep their jobs.
One banker told Here Is The City: 'The most amazing thing about bonus expectations this year is that bankers still have much in the way of expectations at all. Most of us realize how difficult things have been in recent weeks / months, but many seem to think that the impact of all this will be felt only by everyone else. Anyone who expects much in variable comp this year-end is probably in for a big let-down'.
Another banker said: 'The usual risk here is that firms that pay down staff will see mass departures. These are not normal times, however, and firms that get tough on bonuses this year-end will, in the main, get away with it'.