Thursday's Headlines: Morgan Stanley hikes pay amid Wall Street cuts
Morgan Stanley raised the pay pool for its investment bankers by 10 percent in the first half of the year Bloomberg reports. The sixth-largest US bank has allocated $4.19 billion to cover salaries, bonuses and benefits, making up approximately 48 percent of revenue at the investment bank. Across all businesses, the bank set aside $9.01 billion for its employees, 9 percent more than in the same period a year ago.
"Companywide compensation, the firm's largest expense, was enough to pay each of its 62,964 employees $143,066 for the six months, up from $133,994 for each of the 61,958 employees at the end of the second quarter of 2010," Bloomberg writes, citing figures from the firm.
Bloomberg notes that Morgan Stanley has increased pay amid cost cuts across Wall Street. Earlier this week, Goldman Sachs said it would cut its compensation pool and lay off 1,000 in an effort to bring down expenses.
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