New York, NY (JusticeNewsFlash.com)–Top news: Financial news correspondents for Justice, Wall Street economic fallout experts and employee benefit compensation experts have been predicting bonuses on Wall Street would fall about 50% in 2008. As the financial industry attempts to deal with the U.S. financial crisis and recession, Morgan Stanley reported a fiscal fourth-quarter net loss of $2.3 billion last Wednesday.
The holiday season is looking meek for employees at Morgan Stanley as the company cut senior executives bonuses and reported its average payout per employee went from $340,000 last year, to just over $262,000 for 2008. Morgan Stanley insiders reported the company set aside $12.3 billion for compensation and benefits in 2008, down 26% from $16.6 billion, a year ago.
Financial industry insiders say write-downs, plunging company stock prices and weak equity markets over the last year are affecting all employees of Wall Street investment firms. The federal government, lawmakers on the local and national level and American finance experts continue to speculate about the future of Wall Street and U.S. Consumers. The end does not seem to be in sight any time soon.
Financial news reporter for JusticeNewsFlash.com