Morgan Stanley is doling out a special one-time gift for lower-compensated employees as the firm heads toward a record year for revenue, according to a note sent to staff Thursday. In the U.S., most workers earning below $150,000 will get a $1,000 bonus.
“To say 2020 has been an extraordinary year in not only our firm’s history but the world’s would be an understatement,” Chief Executive Officer James Gorman said in the note.
Eligibility and payment will vary based on currency differences and cost of living across the New York-based firm’s global workforce. The bonus affects about 30,000 employees, or roughly half the staff.
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The benefit adds to Gorman’s promise earlier this year not to cut the workforce in 2020 because of the pandemic. Many of his peers at competing firms, including Goldman Sachs Group, have already abandoned that idea.