Fox Business Reports Managing Directors Within Morgan Stanley "Are Expecting Zero Bonus"
FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports Morgan Stanley CEO James Gorman is “telling people to lower their expectations about 2011 bonuses” indicating to employees that bonuses “will be down from last year dramatically and some Managing Directors, the highest paid people, should get zero bonus this year.” Excerpts from the report are below, courtesy of Fox Business Network.
On the financial health of Morgan Stanley:
“Everything is not very good inside. It's the end of the year, its bonus time. James Gorman is telling people to lower their expectations about 2011 bonuses. He is indicating they will be down from last year dramatically and some Managing Directors, the highest paid people, should get zero bonus this year. I have not heard of a firm telling people they should expect zero bonus. MD's are telling the FOX Business Network they are expecting zero bonus. Morgan Stanley has no comment. ”
On Morgan Stanley's third quarter earnings:
“Gorman is also indicating that third quarter earnings are going to be pretty good and it looks like the third quarter repost are likely to beat Goldman's.”
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