Work at Citi if you want most of your bonus in cash; colour on the deferrals at Morgan Stanley

Now that bonuses have finally been announced, news is slowly filtering through about their size - and more importantly - their shape.

This news suggests that Citi is being unduly generous with its cash bonuses. According to various headhunters, it's paying 70% in cash and deferring just 30% over four years.

"Citi seem to be deferring less than the FSA guidelines," alleges one headhunter. "I spoke to a guy there who was on $1.4m US comp and he said 70% was paid in cash, which seemed very high."

"Citi are only paying 30% stock and the rest is all in cash," alleges another.

Citigroup didn't respond to a call and email requesting a comment about its deferral scheme.

Morgan Stanley's deferrals, revisited

At the other end of the spectrum, Morgan Stanley's deferrals are more punitive.

The bank has said it's deferring 60% of its bonus pool globally and 80% for senior staff.

However, the reality appears more nuanced.

According to one corporate finance headhunter, the bank is paying only 20% of its 2010 bonuses in stock. The remainder is being paid in deferred cash, with 50% paid now, 12.5% paid in July 2011, 12.5% paid in December 2011 and 25% paid in July 2012.

This has not been confirmed by the bank, and may simply apply to staff in parts of corporate finance.

The Financial Times today quotes one senior Morgan Stanley banker in London as saying: "We are all asking: is this the new norm? Because if it is, we will be looking to move."

Jon Terry, compensation specialist at PricewaterhouseCoopers insists most banks are deferring 60% of bonuses for high earners, so Morgan Stanley's bankers may not be that badly persecuted.