Bonuses at Morgan Stanley Expected to Drop as Much as 30% : Report

Morgan Stanley (MS), the sixth-largest U.S. bank by assets, has told some employees to expect investment banking bonuses to decline 10% to 30%, according to two people briefed on the matter. Morgan’s CEO James Gorman said last month that Wall Street must fix a culture that contributed to the financial crisis by idolizing individual employees and giving them incentives to take outsized risks. – Bloomberg