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Morgan Stanley Cuts Bankers, Bonuses as Deals, IPOs Stall
[Photo: securityaffairs.co]
Morgan Stanley laid off a number of senior investment bankers last week and cut bonuses by roughly 15% because of a decline in revenue from deal-making and capital raising across Wall Street. Individual bankers were awarded different amounts depending on performance and geographic region, though many received a smaller paycheck for 2016.
Morgan Stanley, which ranked 4th for investment banking fees last year, cut more than 20 managing directors (MDs) from its investment banking division globally - about 5% of the total. While the bank typically lets go of the bottom 5% of its workforce at year-end to get rid of underperformers, the cuts to senior bankers were deeper than in years past.
Morgan Stanley's global investment banking fees dropped 13.3 percent to $4.5 billion.
Over all, global investment banking fees declined 7% in 2016 – a 3-year low - including advising companies on M&A and raising capital.
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