Morgan Stanley and Bank of America revealed that they would be issuing increases in employee payouts. Morgan Stanley said that it had spent $14.4 billion for compensation expenses, with the majority coming in the form of end of the year bonuses. With a 31% increase from last year, employees are expected to receive a $235,193 payout. Meanwhile Bank of America’s personal expenses has sky rocketed from $18.4 billion to $31.5 billion. Thus resulting in an average employee salary of $111,000.
I suppose the logic of the executives in doing this may be sound, speaking in terms of efficiency and competitive wages, but it certainly seems that at some point the brash hubris of these executives should be more thoroughly punished than simple slaps on the wrist from Washington.
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