Say what you will about Ol' Jimmy Gorman, but don't say he's a Grinch.
But only because it's January so that reference would look real dumb...
Morgan Stanley, Wall Street’s biggest stock-trading firm by revenue, is cutting its global bonus pool for the equities division by as much as 4 percent after the industry’s results flagged last year, according to people with knowledge of the plans.
The firm, which is set to pay annual bonuses to employees next month, has been fine-tuning calculations for pay packages since November, according to the people, who asked not to be identified describing the deliberations.
Bloomberg is also reporting that you Morgan Stanley equity folks shouldn't feel so bad as traders throughout the sector are set to feel the most bonus pain since 2012. We are also reminded that a still-fucked European economy has really made it harder for vexed traders to look at their bonus and gently invite management to please return it up their own asses.
Happy New Year!