Morgan Stanley is announcing bonuses today. They are "mixed"
It begins. Today is bonus day at Morgan Stanley. The bank didn't respond to a request to comment, but sources say bonuses there have been predictably mixed.
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Asian bonuses were announced first, followed by London, followed by US bonuses in the US morning. Morgan Stanley doesn't report its full year results until next Thursday.
In Asia, fixed income headhunters said the general picture seemed to be one of disappointment. "The numbers were brutal," claims one Singapore source.
In London, another fixed income headhunter said bonuses seem to have been a "broad church," but there were "no real disasters." One mid-level London banker said his bonus is "definitely up."
However, numbers are still coming out and impressions are anecdotal.
Morgan Stanley has a long history of circumspection at bonus time. Last year, there was reportedly widespread disappointment after bonuses fell 10-15% for investment bankers. Our 2024 compensation survey suggested bonuses across Morgan Stanley fell nearly 8% for 2023. 2022 bonuses at the bank were also not the best.
This year, Morgan Stanley people appear to have been expecting greater generosity. Our pre-Christmas bonus expectations survey suggested that an average 33% bonus increase was anticipated at the bank. This seems highly unlikely, even in London, where Morgan Stanley lifted the bonus cap in July.
In the first nine months of 2024, profits rose 52% year-on-year in Morgan Stanley's investment bank. Spending on compensation rose by 4%.
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