Can anyone here confirm this? Dealbreaker is reporting that some Morgan Stanley analysts, upon learning that their bonuses were far "below street" walked out in anger.
Morgan Stanley announced bonuses today. Associates on upward are satisfied. Analysts are universally furious, with total compensation in some cases being $20k below street. For 2nd years making $90k base, buckets were as follows:$58k (less than one per group)
$48k (very few)
$43k (average, probably 70%+ of analysts)
$38k
$10-15k (obvious worst performers)Considering that street seems to be $60k bonus for middle bucket (up to $75k for top) analysts are all very upset and there were reports that several walked out immediately after getting their numbers.
Source: http://dealbreaker.com/2016/01/bonus-watch-16-morgan-stanley-has-some-f…
Gotta love 22 year olds getting pissed off about making $130,000 a year.
In NYC I'd be pissed only make $130,000 a year when I was expecting closer to $155,000.
That's like making $60,000 in Dallas when you expected a solid $90,000.
Doesn't seem like a big difference but when you are bank on those bonuses to pay off loans or put downpayments on homes or cars that $25,000 can be a big difference.
Its 33% less.
If you have 33% less sex a year would you be disappointed? If you had a 33% cut on your base compensation would you be disappointed?
Its like a sales person who was more or less led on to believe that they would get (x) commission and then ended up being fucked and getting (y) commission.
Analysts work hard for their bonuses. And from what I know view the bonus as why they work so hard. So if you are led on and then don't get it. You're going to be pissed off (hopefully).
It's 33% less (pretax) bonus, but only like 13% less in terms of total comp after taxes. I'm not saying the analysts can't feel disappointed (shit, I'd be pissed too); i AM saying that you should have at least briefly thought about the possibility that your bank would keep total comp relatively constant when they bumped the base. In fact, there are lots of posts warning about that possibility on WSO, and because these warnings did exist, it really diminishes the amount of sympathy I feel for those who chose to ignore the warnings anyway, come up with their own versions for what they deserved, and then get disappointed.
"Its like a sales person who was more or less led on to believe that they would get (x) commission and then ended up being fucked and getting (y) commission."
Not at all - when did MS ever say that they were going to pay you a $60k bonus as a 2nd year? I guarantee you the offer letter says something along the lines of getting paid a "discretionary bonus". The fact that some MS analyst made the assumption that "discretionary bonus" meant a bonus in line with the street is totally different than MS telling the analyst they pay street bonuses. If nothing else, let this be a lesson - make no assumptions, get everything in writing (yes, I understand that offer letters and contracts for analysts are pretty much all standardized, but there are situations where this won't be true, for example, all you guys looking at buyside jobs).
33% less of no sex is still no sex - I'm good with that
Thanks for the after tax calculation, vry helpful
Bonuses are down to compensate for Base Hike. Total Comp unchanged. End of story.
Let them walk out. I'd love to take their spot.
Let me get this straight. You're a 23 year old earning six figures in NYC, and 1/3 of your bonus was paid out as salary rather than at year-end.
Tell you what, I charge $200/hour for bonus therapy sessions. Hop into my rusty honda, grab a PBR from my six pack. Let's sort this out. Mmm hmmm. Yup. Losing $15K that you were counting on always sucks.
Hey-- there's that shoeshine guy at 47th and Sixth who charges $5 and is always yelling at peoples' shoes. Yup, looks like you need one too. Let's park the car and get a shoeshine. (Don't worry, NYC won't tow it because it's not worth the $325 tow fee).
Hey mr shoeshine guy, have a PBR. My friend here is pissed off he got screwed out of $15K in bonus when they paid it to him in salary. What's your take on alla this?
-
How are MS bonuses lately? Still low?
Did you really think it was a good idea to push an old post about bonuses being cut to the top of WSO in a year when we're all expecting our bonuses to be cut?