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Morgan Stanley’s Inverse Relationship: Deal Fees vs Bonuses | Explained

Morgan Stanley, a leading financial institution, has managed to maintain the compensation levels of its employees in the face of a significant drop in dealmaking fees.

Morgan Stanley Chairman and Chief Executive James Gorman speaks during the Institute of International Finance Annual Meeting in Washington October 10, 2014. Photo: Getty Images

Despite a decrease of 31% in deal fees during 2023, the bank has kept pay in its investment bank steady and even increased the amount allocated for bonuses.

The institutional securities unit, where the investment bank resides, set aside $6.6bn for compensation, marking a 1% increase compared to the same period last year.

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