Pay rose at Morgan Stanley International in London last year, but by less than profits.
Newly released accounts for Morgan Stanley International, the business running investment banking, sales and trading and some operations for Morgan Stanley in London, show that average compensation per head increased by 14% in the year ending December 2020. However, after tax profits rose by 77% over the same period.
Average pay per head for Morgan Stanley International's 1,128 employees increased by 15% in 2020, to $540k. This was up from $474k in 2019.
Morgan Stanley's UK business appeared to underperform the global business in 2020. Globally, investment banking revenues at Morgan Stanley rose by 26% last year. However, investment banking revenues at Morgan Stanley international rose by just 14% over the same period. Similarly, sales and trading revenues at Morgan Stanley globally rose by 37% in 2020, while sales and trading revenues at Morgan Stanley International were up just 21%.
Headcount at Morgan Stanley International doubled last year as the bank transferred staff previously employed by Morgan Stanley Employment Services UK across to the London-based International unit. Most of those working for Morgan Stanley International are in the front office: just 81 of the 2009 people employed by the bank in 2020 were support staff.
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