Morgan Stanley head takes pay haircut

U.S. banks continue to cut bonuses and pays of their senior executives to beef up their bottom line. The latest addition to the growing list has been James Gorman, Morgan Stanley chief executive, who is set to take a pay cut, second year in a row.

While the bank is looking for ways to boost returns for shareholders, it continues its restructuring efforts which include cutting 6,000 jobs over the past 12 months and putting bonuses for its highest-earning staff on hold , says a report in the Financial Times.

In a similar move, Goldman Sachs saved $1.98 billion by cutting hundreds of jobs and slashing pay by 11% thereby lifting its overall profits to $2.8bn, their highest level in three years.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.