Cash is king.
It’s the best time to be a Morgan Stanley banker in years.
The New York Post reports that James Gorman’s bank is paying its workers more up front as it seeks to bring compensation in line with competitors.
Morgan Stanley lowered the portion of bonuses it will defer to 50%, down from a peak of 100% in 2012.
That’s still high relative to rivals, CEO Gorman said during a conference call Tuesday to discuss fourth-quarter results. But, he added, 'it continues to tie our employees to the firm'.
In the meantime, Reuters reports that Morgan Stanley said it would pay a smaller portion of revenue in bonuses to its bankers and traders this year even in a better revenue environment.