Morgan Stanley Set To Trim Executive Pay (WSJ)
The bank has told executives to budget some 10% to 25% less for bonuses this year as the securities firm tries to put a tight lid on pay while wrestling with turbulent market conditions and the company's makeover, according to a person familiar with the situation. Dozens of managing directors who oversee groups of employees at the New York company have been informed of the estimates, which are preliminary and subject to change in the coming weeks, this person said. The cuts would affect traders, back-office staff and other major employee groups, though unusually strong performers in equity capital markets and investment banking could be spared. Top executives also might be pressed to take less.
Larry Summers: White House Still Committed To Trimming Deficit (Reuters)
"We have been successful in achieving the first prerequisite for meaningful deficit reduction, namely taking measures that will significantly accelerate growth," National Economic Commission Director Lawrence Summers said in an interview. Summers said he expected the tax cut plan hammered out between the White House and congressional Republicans to be enacted by Christmas and said it would actually reduce the budget deficit in 2015 because of stepped-up growth and changes associated with corporate expensing provisions.
Mike Bloomberg: I'm Not Running For President (CNBC)
US Initial Jobless Claims Fell 17,000 To 421,000 Last Week (Bloomberg)
“The labor market is moving in the right direction, slowly but surely,” said Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “Things look a little better than they first appeared, but we’re still not creating enough jobs to lower the unemployment rate.”
More Than Half Of Americans Want Fed Reined In Or Abolished (Bloomberg)
While three-quarters said they'd like to see Bernanke sans beard.
16 Tycoons Agree To Give Away Fortunes (WSJ)
Mark Zuckerberg has signed onto the "Giving Pledge," which asks its signatories to commit publicly to give away the majority of their wealth. The 26-year-old is one of 16 billionaires new to the pledge, which now totals more than 50 donors. New names include AOL co-founder Steve Case, investor Carl Icahn and former junk-bond king Michael Milken.
Goldman To Donate $20 Million To Non-Profits (WSJ)
The bank plans to announce Thursday the donation of $20 million to a network of nonprofit organizations that provides job training and family assistance to wounded veterans. The New York company's contribution increases to $212 million the total committed so far this year to 1,100 organizations through a Goldman fund that requires partners to give away some of their pay to charity.