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Bonus Watch '08: JPMorgan

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CNBC reports that investment bank managing directors at Bearpont Morgan Stearns have been informed that bonuses will be down thirty to fifty percent this year, which previously would've been cause for hard core JO&C at the desk time but now is just JO fodder. Co-heads Steve Black and Bill Winters relayed the good word this afternoon. In related, subtract this and there's basically no point to the job news, Deutsche bank CEO Josef Ackermann will be "forgoing" his bonus this year. Historically, this sort of "taking it for the team" play has heralded an involuntary departure but I think this is just Joe showing us that classic German empathy.