Morgan Stanley has sought to pre-empt new rules capping cash pay-outs on Wall Street, deferring 60 per cent of employees’ 2010 bonuses.
The announcement came as the bank reported a higher-than-expected 88 per cent jump in fourth-quarter profits in spite of a fall in fixed income trading revenues.
Proponents of deferred pay argue the practice can help dissuade bankers and traders from taking excessive risks by chasing short-term profits.
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