Morgan Stanley is expected to revamp the way it pays its senior executives.
But don't call the firm a Goldman copycat. Goldman Sachs announced plans earlier this month that its top 30 executives will forgo cash bonuses this year, set to be entirely compensated in stock instead.
Latest drafts of the new compensation plan for the elite 30 at Morgan reportedly call for up to 75% of top bonuses in stock, with 65% of such payments subject to clawback provisions. Morganites will pocket the remainder in cash, approximately one-fourth of their 2009 pay -- less than in recent years.
Meanwhile, MS chairman and chief executive John Mack announced that he would give up any kind of bonus for the third consecutive year. (FINS)
The firm has reserved about 64% of its earnings this year for compensation. The New York bank's compensation committee has reportedly been burning the midnight oil in recent weeks to come up with a new pay structure that would mollify disgruntled shareholders. (
WSJ)
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Risky Business (Reuters)
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