Morgan Stanley Paying Mack a Total of $28 Million for ‘05
Job-hopping can really pay off. That’s the lesson to be drawn from John Mack’s pay package this year. Morgan Stanley announced yesterday that its new CEO would receive $28 million in total comp for 2005, including an all-equity bonus of $11.5 million that would “more closely align his compensation with shareholder interests and the long-term performance of the firm.” Yawn. In other news sure to bum out senior management (especially those planning to leave), the firm announced that it was upping the equity portion of management committee members’ bonuses from 55% to 65%.
Mack to Get $28 Million [MarketWatch]
Double-Teaming Technology Banking at Morgan Stanley
The game of management merry-go-round continues over at Morgan Stanley. With longtime technology banking head Dhiren Shah moving over the Greenhill & Co., MS has promoted the dynamic duo of Paul Chamberlain (left) and Michael Grimes (right) to head up the group. The 41-year-old Chamberlain has been at Morgan Stanley since 1985, working on over 150 financing and merger transactions, including the sale of Macromedia to Adobe Systems and the sale of Netscape to America Online. The 38-year-old Grimes has been at Morgan Stanley for 10 years and in technology banking for 18 years, working with such clients as Google and Oracle. The two ranked 7th and 6th, respectively, on Forbes’ Midas List for 2004. Sounds like a match made in heaven.
Morgan Stanley Tech Group Names Co-Heads [Wall Street Journal]
Bonus Feedback from the Trenches?
Have any banks begun telling employees what their bonuses will be this year? Does anyone know any specific dates when this info will start to drop? Please let us know. Remember, anonymous comments in these posts cannot be traced back to you!
Big Bonuses for Asian Private Bankers, Energy Traders
From a London trade mag called Here Is The City, more gossip on the bonus front:
And from the “Sharing the Wealth” department, news that Morgan Stanley’s cleaning crew in London is getting a pay raise to $12 an hour. Don’t spend it all at once, guys!
Latest on the Bonus Front [Here Is The City]
Another Senior Defection from Morgan Stanley in London
The brain drain at Morgan Stanley continued last week with the defection of its head of UK banking, Michael Tory, jumping ship to rival Lehman Brothers. This announcement comes on the heels of technology banking head Dhiren Shah’s departure the previous week--all in the wake of John Mack’s taking of the helm. Tory is the third senior MS banker to cross over to Lehman this year. Word has it that Tory did not receive a guarantee from Lehman which we find a little difficult to believe.
Top Morgan Stanley Man Joins Rival [Financial Times]
