Morgan Stanley set aside $1.89bn to pay employees at its investment-banking and trading division in the first quarter, 14% less than a year earlier.
Bloomberg reports that compensation at the institutional-securities unit, which includes salaries, bonuses and the cost of previous deferred awards, equaled 43% of adjusted revenue, little changed from a year earlier, according to figures posted on the New York-based firm’s website.
The drop was 'in part driven by lower headcount', the company said in a statement. While the firm doesn’t report how many people are employed within the division, its total number of employees fell 6.6% from a year earlier.
Companywide compensation and benefits fell 4.8% to $4.22bn.
Morgan Stanley’s total compensation cost was enough to pay each of the firm’s 55,289 employees $76,254 on average for the period, more than the $74,831 it set aside for each of the 59,200 employees a year earlier.
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