Across their ranks, Wall Street banks are curbing bonus pay for last year's performance, which was marked by big drops in stock prices and hefty costs for mortgage-related problems. Investment banking and underwriting fees fell, and the banks faced a surge in populist anger, as the Occupy Wall Street movement went national.
Financial stocks were some of the worst-performing in 2011. While the S&P 500 Index finished the year flat, Morgan Stanley shares plunged 44 percent, JPMorgan dropped nearly 22 percent and Goldman Sachs Group Inc. tanked 46 percent.
Compensation followed the downward trend. In a closely watched and politically charged gauge, JPMorgan Chase & Co. revealed earlier this month that it set aside 36 percent less than the year before to pay its investment bankers. Morgan Stanley shed 700 workers last year and capped the amount that workers can get in their bonuses immediately, deferring anything over $125,000. Rival Goldman eliminated 7 percent of its employees and cut 2011 pay by 21 percent.
On Friday, Morgan Stanley's regulatory filing showed that the value of chief executive James Gorman's stock award for the year dropped to $5.1 million from $10.2 million in 2010.
Complete compensation details, including the value of executives' 2011 cash compensation, perks and benefits, haven't been disclosed yet.