Morgan Stanley, Citigroup Lead Investment Bank Pay Cuts
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Morgan Stanley, Citigroup Inc. and Credit Suisse Group AG made some of the year’s biggest cuts in compensation for investment bankers, averaging as much as 30 percent, as Wall Street firms grappled with lower revenue. A table summarizing changes in compensation appears below.
Morgan Stanley, owner of the world’s largest brokerage, will also cap cash awards and defer more payouts, people with knowledge of the plans have said, while Zurich-based Credit Suisse, Switzerland’s second-largest bank, plans to give a portion of senior employees’ bonuses in bonds backed by derivatives. New York-based Citigroup may cut some bonuses in the securities and banking unit as much as 70 percent.