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
Hiring Hot Spots (FINS)
Undergrads looking to head to Wall Street in a few years should read up on wealth management, investment banking, and research.
Breaking Bad (FINS)
A negative performance review is a hard pill to swallow but it doesn't have to be career poison. Learn how to overcome a less than stellar review with these tips from FINS.
Risky Business (Reuters)
Morgan Stanley is setting up a committee to help keep tabs on the bank's risk-taking activities. Installing an overseer could be good for J.Mack's top 30 lieutenants, whose bonuses could potentially be subject to "clawbacks" in the event of future losses.
China Rush (WSJ)
With the number of IPOs in the country poised to increase next year, many top finance shops are scrambling to bolster their presence out East.
Better With Age (Times)
Or at least after the courts say so. A 42-year old London-based banker won an age discrimination ruling against a large Canadian bank that fired grandpa last year. CIBC
bank claimed when they said they wanted his replacement to be "younger," they actually meant "less experienced."
The King of Kings (WSJ)
This profile tells the tale of how Galleon Group founder Raj Rajaratnam over two decades persuaded executives to give up company secrets. Juicier bits involve a dwarf, a Taser gun and hot sauce.
Bright Lights, Big City (Bloomberg)
workers may not have to be a part of the bridge and tunnel crowd whenever they want to paint the Big Apple red for much longer. Taking advantage of bargain basement rent prices in New York, the Swiss bank is looking to relocate its offices from NJ and CT.
Top Finance Words of the Year (Financial Services Club)
Bankster, a combination of banker and gangster, takes the cake.
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