No bonus for Morgan Stanley chief

Morgan Stanley’s outgoing chief executive, John Mack, will not receive a bonus for the third year in a row. The board was willing to pay him one for his role in the bank’s survival, but Mack, who will remain chairman, insisted he should not receive it. The bank is set to make its first annual loss as a public company after it and Goldman Sachs both became bank holding companies regulated by the Federal Reserve last year. Mack is expected to earn $800,000 (£495,000) salary.