Morgan Stanley CEO Vows to Cut Pay Ratio

Morgan Stanley Chief Executive James Gorman said the firm's compensation ratio in 2009 was a "historic high" that "nobody on my management team . . . will ever see again."

The company has been criticized for paying out 62% of its net revenue last year as compensation and benefits though many of its businesses struggled. Rival Goldman Sachs Group Inc., with record net income, had a ratio of 36%.

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