Morgan Stanley Smith Barney is giving several thousand of its support staff bonuses as high as $5,000 each to thank them for helping the brokerage through its recent technology integration, sources familiar with the matter said.
Reuters reports that employees who support the company's 17,000 brokers will be getting the one-time bonuses next month, said two sources, who asked not to be identified. Several brokers said their assistants were informed about the bonuses on conference calls last week.
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In the meantime, Bloomberg reports that Hong Kong’s Court of Appeal upheld insider-dealing convictions against former Morgan Stanley Managing Director Du Jun while reducing his fine and prison term, according to the city’s Securities and Futures Commission.
The appeal court lowered Du’s fine to $219,000 from $300,513, and his jail term to six years from seven, the SFC said in a statement on its website last week. His lawyer argued before the appeal court in April that Du’s sentence was too heavy in comparison with those given to professionals convicted of similar crimes.
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