Morgan Stanley Execs To Forgo Bonuses

With the credit crisis almost extincting the investment banking industry, Morgan Stanley who only managed to save themselves by converting to a commercial bank, is but 1 firm with execs forgoing 2008 bonuses:

Morgan Stanley unveiled plans to revise compensation practices and said Chief Executive Officer John Mack and Co-Presidents Walid Chammah and James Gorman won’t receive bonuses this year amid the worst financial crisis since the Great Depression.

All 14 members of the firm’s operating committee will have their compensation reduced an average of 75 percent from last year, while the management committee’s members’ pay will be cut 65 percent on average, Mack said in an internal memo today. Mack, 64, also gave up his 2007 bonus after the New York-based firm reported its first quarterly loss.

This follows news that UBS and Goldman Sachs also have done the same. Click UBS and Goldman tags below for more.