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Morgan Stanley Said to Expect Bonuses to Drop as Much as 30%

Morgan Stanley, the sixth-largest U.S. bank by assets, has told some employees to expect investment banking bonuses to decline 10 percent to 30 percent, according to two people briefed on the matter.

Managers are being told of the reduced pool as they prepare to make year-end bonus decisions, said the people, who declined to be named because the discussions are private. The pay levels haven’t been set and employees at the New York-based firm won’t be told their bonus until January, one of the people said.