You could be getting paid (or not paid) by Europe.
Or Morgan Stanley.
European firms appear to be holding back, or deferring, substantially more of their top risk-takers’ pay than American banks. European banks like Barclays and Credit Suisse are deferring as much as 70 percent of the compensation granted to top employees, according to an analysis by The New York Times of the banks’ annual reports. American firms, by contrast, generally appear to be deferring about half...Last year, the investment banking divisions of Credit Suisse and Barclays, which compete on Wall Street, deferred 72 percent of the total compensation earned by risk-taking employees, according to figures in their annual reports. Deutsche Bank deferred 57 percent in its investment bank last year...Filings for 2011, the most recent available, show that only 40 percent of compensation was deferred for employees at Citigroup’s global markets operations in London. The figure was 43 percent for Morgan Stanley’s London operations and 44 percent for JPMorgan’s. Bank of America deferred 49 percent of London employees’ pay. Barclays, in contrast, deferred 70 percent of its regulated employees’ compensation across the whole firm in 2011. Credit Suisse deferred 60 percent.
In 2012, Morgan Stanley appeared to be an outlier among American firms. Most of the bonuses for top employees, excluding financial advisers, were deferred. Specifically, if total compensation was over $350,000, and the bonus was over $50,000, the entire bonus was delivered over three years. Mark Lake, a spokesman for the bank, declined to say whether that approach would be used for future years’ compensation.
Bankers’ Pay Deferrals Are Tougher in Europe [Dealbook]