/cloudfront-us-east-2.images.arcpublishing.com/reuters/NV2GMCZORRMXNFU4LMIIPPUNWU.jpg "Exclusive: Morgan Stanley to slash 2022 banker bonuses in Asia by up to half – sources")
SYDNEY/HONG KONG, Dec 12 (Reuters) – Morgan Stanley (MS.N) plans to slash funding bankers’ annual bonuses by as a lot as 50% in Asia, stated two folks with direct information of the matter, because the Wall Avenue agency reins in prices to deal with robust market situations which have hit its income.
The dimensions of the cuts in Asia might be replicated in Morgan Stanley’s U.S. and European operations, and could be in distinction with 2021 when its prime bankers earned as much as 20% extra in bonuses globally, stated the sources.
Bonus payout discussions are presently underway at Morgan Stanley globally, they stated.
A 3rd particular person with information of the matter stated the bonus cuts in Asia for the financial institution are anticipated to be round 30% on common for all its funding banking groups and markets.
The lowered payouts may result in its bankers’ total compensation in Asia dropping by a median of 30%, stated the primary two sources.
Whereas cuts to bankers’ 2022 bonuses have been properly anticipated, that is the primary time the probably extent of the reductions on the U.S. financial institution are being detailed.
Bonuses type a big a part of whole compensation for bankers, and are normally linked with performances of enterprise models and people.
Morgan Stanley, which doesn’t disclose particulars of bonus payouts, declined to remark. The sources didn’t need to be recognized as the data is confidential.
Many banks globally are pausing dealmaking actions as a result of increased rates of interest and weak financial prospects, with the U.S. economic system heading into a brief and shallow recession over the approaching 12 months.
That has put stress on earnings of funding banks after they made document earnings final 12 months from advising on mergers, acquisitions and preliminary public choices because the world emerged from COVID-19-induced restrictions.
Wall Avenue corporations rely considerably on bonuses to rent and retain expertise in a aggressive enterprise atmosphere, however Morgan Stanley’s main rivals are additionally reportedly reducing bonuses now.
Goldman Sachs Group’s (GS.N) bonus pool for senior workers is anticipated to shrink by as a lot as half, information platform Semafor reported on Thursday, citing folks aware of the matter.
Citigroup Inc (C.N) and Financial institution of America Corp (BAC.N) are additionally contemplating reducing bonus swimming pools by as a lot as 30%, Bloomberg Legislation reported earlier this month, citing folks with information of the inner deliberations.
Wall Avenue funding bankers can anticipate a lot smaller bonuses this 12 months because the economic system slows, in line with projections printed final month by Johnson Associates Inc, a compensation guide in New York.
Compensation and efficiency discussions at Wall Avenue banks sometimes start in December, with total bonus swimming pools finalised by the year-end.
In Asia, the most important declines in Morgan Stanley’s bonuses will likely be felt in areas together with the capital markets companies that are extra uncovered to world monetary market volatility.
This 12 months’s bonus discussions are happening after Morgan Stanley CEO James Gorman stated earlier this month that the financial institution was making “modest job cuts” worldwide.
To this point the financial institution has lower about 2% of its workforce, which affected about 1,600 positions, Reuters reported final week.
In Asia about 50 funding banking jobs have been axed this 12 months, stated the primary two sources. Over 90% of these cuts have been made in Morgan Stanley’s China groups based mostly each onshore and offshore, one in every of them added.
China’s strict COVID-19 restrictions and tightened regulatory scrutiny on Chinese language corporations in america have taken a toll on Asian capital markets and mergers and acquisitions exercise.
MSCI’s key Asia-Pacific ex-Japan index (.MIAPJ0000PUS) has misplaced about 18% this 12 months. And Hong Kong IPOs, a key income for international banks within the area, are on the lowest level in 2022 in a decade, in line with Refinitiv information.
Morgan Stanley reported a 30% hunch in third-quarter revenue in October, lacking analysts’ estimate as a slowdown in world dealmaking damage its funding banking enterprise.
Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Modifying by Sumeet Chatterjee and Muralikumar Anantharaman
Our Requirements: The Thomson Reuters Belief Ideas.
Christmas, Navidad in Puerto Rico, extends far beyond Dec. 25.
The island proudly proclaims itself as having the “longest holiday season in the world,” according to the website Discover Puerto Rico.
On average, the holiday festivities in Puerto Rico last about 45 days, per the source, commencing right after Thanksgiving, and stretching all the way through mid-January.
The Christmas season in Puerto Rico typically lasts around 45 days. (iStock)
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The holiday season in Puerto Rico is full of rich traditions beloved by families.
One tradition those who visit Puerto Rico will immediately notice during the holiday season is decorations.
In Puerto Rico, decorations are typically put up by Thanksgiving, and kept up until the season concludes in mid-January, with opportune picture moments at every corner.
Parrandas, Christmas caroling, is a holiday staple.
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Carolers choose houses of family and friends to visit, typically starting around 10 p.m., performing aguinaldos (traditional Christmas songs), with not only their voices, but often with instruments as well, according to Discover Puerto Rico.
The group you begin caroling with is likely not the same group you end with.
In Puerto Rico, when carolers visit a house, they’ll often stop inside for conversation, food and drink before moving to the next residence.
Coquito is a popular beverage enjoyed during the holiday season in Puerto Rico. Coconut, vanilla and rum are among the ingredients. (Mayra Beltran/Houston Chronicle via Getty Images)
Usually, the residences of the house visited will join the group for the next house, according to Discover Puerto Rico.
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A night of serenading loved ones can last quite a while, often stretching into the early morning hours of the following day, according to the source.
The biggest day of the holiday season in Puerto Rico actually isn’t Christmas, but instead, the night before.
In Puerto Rico, Dec. 24 is Nochebuena. On that day, loved ones gather for the exchange of gifts, caroling and a large feast.
Many families will also attend a midnight Mass on the day, known as Misa de Gallo.
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After Christmas passes, the festivities go on in Puerto Rico.
Another big event in the holiday lineup is Three Kings Day on Jan. 6, a holiday that “commemorates the visit that the Three Wise Men paid to Jesus after his birth,” according to Discover Puerto Rico.
On the eve of the day, children fill up a shoebox with grass to be left for camels to munch on while the Three Kings leave behind gifts for them, according to PuertoRico.com.
For a particularly festive Three Kings Day, Juana Díaz is the place to go, as it hosts the largest celebration in Puerto Rico for the holiday. In Juana Díaz, there is an annual festival and parade in honor of Three Kings Day that brings together over 25,000 people every year, according to Discover Puerto Rico.
Gifts are primarily exchanged between loved ones on Christmas Eve in Puerto Rico. (iStock)
Then, eight days later is Octavitas, a post-holiday celebration where families get together and celebrate one last time for the season.
The end of the holiday season is marked with the San Sebastián Street Festival.
This festival, spanning over multiple days, takes place in Old San Juan, and is filled with live music, dancing, shopping and parades.
Twin-engine plane crashed in largely residential neighborhood of Gramado shortly after takeoff, authorities say.
A small plane has crashed into a tourist hotspot in southern Brazil, killing all 10 people on board and injuring more than a dozen people on the ground, officials have said.
The twin-engine Piper PA-42-1000 hit the chimney of a home and the second floor of a different house before crashing into a shop in a largely residential neighbourhood of Gramado shortly after takeoff from Canela, Brazil’s Civil Defense agency said on Sunday.
Rio Grande do Sul Governor Eduardo Leite told a news conference that the aircraft’s owner and pilot, Luiz Claudio Galeazzi, was killed along with nine members of his family.
Leite said that 17 people on the ground were injured, 12 of whom were still receiving treatment in hospital.
Galeazzi’s company, Galeazzi & Associados, confirmed that its CEO and Galeazzi’s wife and three daughters had died in the crash.
“Luiz Galeazzi will be forever remembered for his dedication to his family and for his remarkable career as a leader of Galeazzi & Associados,” the company said in a post on LinkedIn.
“In this moment of immense pain, Galeazzi & Associados is deeply grateful for the expressions of solidarity and affection received from friends, colleagues and the community. We also sympathize with all those affected by the accident in the region.”
Gramado, located in the Serra Gaucha mountains, is a popular destination for vacationers, especially during the Christmas season.
The crash comes a little more than a year after Brazil suffered its worst air disaster in nearly two decades when a twin-engine plane crashed in the southeastern city of Vinhedo, killing all 62 people on board.
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