A Reuters Exclusive
Morgan Stanley (MS.N)
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 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 percent of the total, the sources said.
While
the bank typically lets go of the bottom 5 percent 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.
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Source: Reuters (via The Empire Report)
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