Reuters - Morgan Stanley said to cut bonuses and staff

The cuts to senior bankers were thought to be deeper than in years past.

Morgan Stanley laid off a number of senior investment bankers last week and cut bonuses by roughly 15 percent because of a decline in revenue from dealmaking and capital raising across Wall Street, people with knowledge of the matter told Reuters.

Individual bankers were awarded different amounts depending on performance and geographic region, though many received a smaller paycheck for 2016, said the sources on Thursday, who were not authorized to discuss compensation publicly.

Morgan Stanley, which ranked fourth for investment banking fees last year, cut more than 20 managing directors from its investment banking division globally, representing about 5% of the total, the sources said.

While the bank typically lets go of the bottom 5% of its workforce at year-end to get rid of underperformers, the cuts to senior bankers were deeper than in years past, according to the sources.

Morgan Stanley also announced the promotion of managing directors on Thursday.

Hit the link below to access the complete Reuters article:

Morgan Stanley cuts bankers, bonuses as deals, IPOs stall - sources

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