From the front lines:

Morgan Stanley announced bonuses today. Associates on upward are satisfied. Analysts are universally furious, with total compensation in some cases being $20k below street. For 2nd years making $90k base, buckets were as follows:

$58k (less than one per group)
$48k (very few)
$43k (average, probably 70%+ of analysts)
$38k
$10-15k (obvious worst performers)

Considering that street seems to be $60k bonus for middle bucket (up to $75k for top) analysts are all very upset and there were reports that several walked out immediately after getting their numbers.