Washington, Dec 9 : Morgan Stanley, Goldman Sachs and Merrill Lynch CEOs have given up bonuses amid a climate of bank failures, thousands of layoffs and an economic recession
Morgan Stanley CEO John J. Mack is giving up a bonus for the second straight year, CBS News reported.
Mack said in a memo on Monday to employees that he and the firm’s two presidents, James Gorman and Walid Chammah, informed their board’s compensation committee of their decision to forgo 2008 bonuses, and the committee accepted.
He also said the company is planning to make further changes to year-end compensation for other employees.