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Morgan Stanley Employees To See Up To 60% Of Their Average $256,627 Comp Deferred
It must suck to be a banker at Morgan Stanley these days. While their colleagues at Goldman make a not too shabby $430k, MS' workers are forced to toil over a measly quarter of a million. The company today reported total year end compensation of 'just' $16,048 million which amounts to $256,627 per person, or 40% less than Goldman. Granted, the number is a whopping 50.8% of LTM revenues, and it is a 7.5% increase from last year's $238,652 average... but there is a catch: in 2010 employees employee comp subject to deferral increased by 50% from 2009, from 40% to 60%, and a whopping 80% for operating committee members. So not only are they getting paid less, but they are not going to get it at all for many years. No wonder MS is now the administration's favorite insolvent company IPOing bank (except, of course, for the case of AIG, whose nationalization saved Goldman Sachs. It is only natural that that one is IPOed by... Goldman Sachs).
From Morgan Stanley's 8-K:
In recent years, Morgan Stanley has fundamentally restructured the way it compensates employees – becoming the first major U.S. bank to institute a clawback provision for a portion of year-end compensation, creating performance units tied to three-year performance for senior executives, increasing deferred compensation and reducing cash bonuses, among other changes. For 2010, Morgan Stanley again significantly increased the portion of year-end compensation that is deferred and subject to clawback, while reducing the portion paid in cash. For year-end compensation, the average amount subject to deferral increased to 60% in 2010 from 40% in 2009. For members of the Operating Committee, the average amount subject to deferral increased to more than 80% in 2010 from 75% in 2009.
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Same at Credit Suisse - indicator for bad times ahead?
what about the base salary increase? any statistics on that?
Well, I simply cannot believe what I just heard on the Blow Horn [CNBC]. Bob Pisani just said, "Traders just don't understand these bank earnings because they are so complicated."
Now that is a good start. It would have been better if he said that traders were selling banks because their earnings are fictional, but will take what we can get. Could be the Comcast Effect.
humm...isn't GE still under the wing of the FED and going to the free money window as needed? Ever hear of GE MoneyBank ?
How can any of you watch CNBC ??????? For laughs ? Is it possible that you believe you will hear a whisper of truth from them ? The only reason I would watch CNBC is to see who the sponsors are, so I could boycott their products and services.
My boy got a job at morgan last year. He used to be a male model and couldn't get a job. So he went and got a series7. Morgan picked him up shortly after. He's about as sharp as a spoon.
If Chrissy Moltisanti from the Sopranos can do it, well, isn't that a shiny role model for us all?
Silver spoon?:)
a fine* profession comprised of fine individuals...
http://www.rawstory.com/rs/2010/11/wealthy-fund-manager-avoids-felony-charges-running-cyclist/#
*by fine I mean 'steeped in douchebaggery'
(excluding your son of course; from what you've described, he seems like a fine young man...)
" He used to be a male model... He's about as sharp as a spoon."
Don't Worry, Dad
Your pretty boy's job is simply to titillate menopausal women investment managers for pension funds and rich, divorced post menopausal former trophy wives...
And sell them MS's version of Abbucus...
I think he can do it if he shows some cleavage...
A bonus on top of a bonus...no income tax or SS tax to pay, just capital Gains. Cry me a river.
Poor shepherds. They have not reared fat sheep.
These figures are misleading as this number includes secretaries and janitor type positions, so the firm-wide 'average' is skewed to the downside if one wishes to get a more accurate assessment of broker/trader compensation, let alone executive compensation. Rest assured that the average for the top 50% is far higher...and that the top 10% is a minimum of 7 digits...you know, because as with Bank of America and Citi...they so earned it.
suck like a fox!
This is horrible. I say we all get together and have a bake sale fundraiser for them.
poor souls...
Chase the can, bitchez! Your money's in it!
lol
I know many prime broker staff who moved to MS from GSCO...lol...
L. Blankfein and crew at work...doing God's work:
1. Shorting/attacking the stud man USD and buying little Miss Euro [stupid]
2. Using the XLF and JPM to try to hold the DOW in there until sellers of oil and gold are done selling. Painting the MS release as positive to help out the financials, as well.
3. Setting up some counter trend/short squeeze rallies in stocks that are "priced for D. Tepper." This to disguise that the NASDAQ rally is over...via the price action on the world's largest zombie making company.
Don't think any of it will work by the close, but you can see the handy work. What a travesty of a ponzi scheme rigged slot machine market. It will take generations to get over what this current crop of criminal syndicate Wall Street bankers has done to us, and even longer to pay the bills on the Ben Bernanke put.
Don't you just love plutocrats?
Your gift today...shares of the bank in charge of manipulating silver and creating fraudulent mortgages. It has risen only for the desperate reason of trying to mathematically hold together the DOW.
Unless you are into fictional earnings, then Whack-a-Mole fun should be good during the second half of today's session with the shares of this disgrace of a bank. Blight on America bank Whack-a-Mole action might be good too...but I am not watching it so I do not know.
And people want to go after government employees at the street level who provide a real service of value. The vampire squid has already won.
Deferred Compensation
I would be pissed if my bonus was in stock in a bank that I helped load up with kited derivatives to earn my bonus...
Cry, Bonus Baby, Cry
I want my cash... not ramped up MS stock...
Just have to jump in. I guess MS will get less IPO business in China if anyone heard the Chinese microblogger gate of hatre words-war between Dangdang CEO and several MS staffs exploded during last weekend. Those MS staffs really show how unprofessional and unethical they are.
Rolling back vices. Cue the cheap cocain dealer with the cut stuff.