Bonuses tumble at Goldman, Morgan Stanley

Partners at Goldman Sachs are set to see their bonuses fall by up to 80% this year and the cash component of their year-end packages capped at $400,000. The rest of partners’ compensation packages will be paid half in stock and half in options, to be priced based on the close of Goldman’s Wednesday share price. Morgan Stanley, meawhile, said its bonus pool for this year would drop by 50% to reflect a sharp fall in annual profits. It is also introducing “claw back” provisions that enable the company to withhold up to a third of employees’ cash compensation for three years.

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