CEO John Mack

Morgan Stanley's top executive John Mack said Friday he would forgo a 2009 bonus in view of the "unprecedented environment" facing the financial industry. Mack, who is giving up the title of chief executive in January but will remain chairman, will skip a bonus for the third year in a row. In a letter to Morgan Stanley employees, a copy of which was obtained by AFP, Mack said he had recommended that the investment bank's compensation committee give him no year-end bonus as the firm reviews overall policies. "We also are continuing to make changes this year in how we pay our people," he ... Read Full Story

Morgan Stanley's outgoing CEO John Mack has declined a bonus for the third year in a row. In a memo sent to the investment bank's employees on Friday, Mack said he recommended to the board last week that he receive no year-end bonus "given this unprecedented environment and the extraordinary financial support governments provided to our industry." Morgan Stanley was one of hundreds of U.S. banks that received assistance through the Troubled Asset Relief Program to help it manage through last fall's credit crisis. Morgan Stanley repaid the $10 billion it owed the government in June. Mack said financial firms cannot ignore the lessons ... Read Full Story

One CEO on Wall Street doesn’t feel as though the sub-par performance of his company this year deserves a bonus. Morgan Stanley CEO John Mack has stated in a memo that he will not take a end-of-year bonus this year, due to the face that the company suffered its first per-share loss as a public company. John J. Mack Public Critical of Bonuses Other bank chiefs have been criticized for accepting bonuses in a year where their banks profits have plummeted, and after accepting billions of dollars in taxpayer money during a time when employment for those outside of the financial industry is still ... Read Full Story

Dec. 18 (Bloomberg) -- Brad Hintz, an analyst at Sanford C. Bernstein & Co., talks with Bloomberg's Mark Crumpton about Morgan Stanley Chief Executive Officer John Mack giving up his bonus for a third straight year. Mack, who will hand off his CEO job to James Gorman at the end of the year, cited “this unprecedented environment” in a memo to employees today that was confirmed by spokesman Mark Lake. Mack gave up his bonus in 2007 after the firm’s first quarterly loss as a public company, and in 2008, when Morgan Stanley took a $10 billion taxpayer bailout. (Source: Bloomberg) Read Full Story

John Mack, Morgan Stanley’s outgoing chief executive, will forego a bonus for the third straight year as his bank heads for the first-ever annual loss – a move that reflects Wall Street’s fears of fuelling the public backlash over compensation Read Full Story