Good news for some.
Sky News reports that Morgan Stanley is to join the ranks of global banks offering substantial pay rises to London-based staff ahead of the imposition of new European remuneration rules.
Sky News understands that the firm is finalising proposals to offer senior employees at Canary Wharf cash payments that will enable it to continue paying large bonuses.
Insiders said that Morgan Stanley was likely to operate a similar scheme to that planned by rival Goldman Sachs, which will involve eligible staff being handed big increases to their annual salaries.
The awards may involve lump sums paid out at the end of the financial year, according to a person briefed on Morgan Stanley's deliberations.
Sky News understands that Citi and Deutsche Bank are also working on similar incremental payments for senior staff.
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