Morgan Stanley and Merrill Lynch chiefs give up bonuses
- 15 years ago
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The chief executives of Morgan Stanley and Merrill Lynch & Co. are not receiving bonuses for a year that has seen Wall Street devastated by staggering losses, mass layoffs and the collapse of famed firms.
Morgan Stanley's CEO John J. Mack is giving up a bonus for the second straight year, while Merrill Lynch & Co. said its CEO John Thain also asked to forego the extra compensation for 2008 after reports surfaced he had sought as much as $10 million.
Mack told employees Monday in a memo obtained by The Associated Press that he and the firm's two presidents, James Gorman and Walid Chammah, of their decision to forego 2008 bonuses.
Morgan Stanley plans to tie compensation for all employees eligible for bonuses more closely to performance.
Merrill Lynch said Thain and four other top executives have all requested that they not receive bonuses for 2008. According to a statement by the bank, the executives cited "current economic and market conditions" for their request.
"Morgan Stanley and Mr. Mack have taken a smart and prudent first step," New York State Attorney General Andrew Cuomo said in a statement made before the Merrill Lynch announcement.
The chief executives of Morgan Stanley and Merrill Lynch & Co. are not receiving bonuses for a year that has seen Wall Street devastated by staggering losses, mass layoffs and the collapse of famed firms.
Morgan Stanley's CEO John J. Mack is giving up a bonus for the second straight year, while Merrill Lynch & Co. said its CEO John Thain also asked to forego the extra compensation for 2008 after reports surfaced he had sought as much as $10 million.
Mack told employees Monday in a memo obtained by The Associated Press that he and the firm's two presidents, James Gorman and Walid Chammah, of their decision to forego 2008 bonuses.
Morgan Stanley plans to tie compensation for all employees eligible for bonuses more closely to performance.
Merrill Lynch said Thain and four other top executives have all requested that they not receive bonuses for 2008. According to a statement by the bank, the executives cited "current economic and market conditions" for their request.
"Morgan Stanley and Mr. Mack have taken a smart and prudent first step," New York State Attorney General Andrew Cuomo said in a statement made before the Merrill Lynch announcement.