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Morgan Stanley cuts banker pay by 21% as dealmaking fees tumble
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Morgan Stanley cut pay within its investment bank by 21% in the second quarter, as the US bank followed rival JPMorgan with a sharp decline in dealmaking fees.
Morgan Stanley's investment banking fees shrank by 55% in the second quarter of 2022 — a similar decline to JPMorgan — with equity capital markets revenue slumping by 86% compared to a year earlier.
Dealmaking...
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