Morgan Stanley to defer more bonus pay for brokers

New York

MORGAN Stanley, the world's largest brokerage firm, fired the first shot in Wall Street's pay formula wars by telling brokers more of their pay will be deferred in 2015 than in the past.

The firm's 16,000-plus brokers, who this week were mailed their 2014 bonus totals, but have not yet been told of the 2015 formula, will have from 1.5 per cent to 15.5 per cent of their cash and stock bonuses deferred, said a source familiar with the plan.