????2012年，摩根士丹利的投資銀行業務幾乎全面滑坡，甚至連去年擔任Facebook公司 IPO主承銷商的股票承銷業務也表現不佳。這宗上市后表現大失所望的IPO最終成了摩根士丹利的心頭痛。最近，摩根士丹利同意向馬薩諸塞州證券監管部門支付500萬美元罰金，了結與其擔任Facebook公司 IPO主承銷商相關行為的指控。

????這家公司員工人數的變化反映了它自身和華爾街都面臨的問題。去年最后三個月，摩根士丹利裁員700人。最近又宣布計劃再裁員1,600人。雖然裁員，摩根士丹利2012年全年的薪酬支出仍占到了營收的52%。最近宣布已買進摩根士丹利股票的維權對沖基金投資者丹尼爾?勒布表示，他認為這家公司的薪酬雖然近年來有所下降，但還是太高。2012年，摩根士丹利員工的人均薪酬為273,777元。相比之下，高盛去年的薪酬支出僅占營收的36%。迫于壓力，摩根士丹利日前表示，將以股票形式支付相當部分的員工獎金。這些股票將在三年時間內延期支付。(財富中文網)

????譯者：早稻米

????For the year, nearly every area of Morgan Stanley's investment banking business showed a decline. Even Morgan Stanley's stock underwriting business stumbled, despite being the lead underwriter of Facebook's IPO last year. The deal, which came off much worse than expected, ended up being another black eye for the firm. Morgan Stanley recently agreed to pay a $5 million fine to the Massachusetts securities regulator to settle claims related to behavior of its lead banker surrounding the IPO.

????The firm's headcount reflected troubles at the firm, and on Wall Street in general. Morgan Stanley cut 700 staffers during the last three months of the year. The firm recently announced plans to lay off an additional 1,600 employees. Despite the cuts, Morgan Stanley still ended up spending 52% of its annual revenue on compensation. Activist hedge fund investor Daniel Loeb, who recently disclosed that he had been buying Morgan Stanley's shares, has said that he thinks salaries at the firm, which have come down in recent years, are still too high. On average, Morgan Stanley paid its employees $273,777 in 2012. Goldman devoted just 36% of its revenue to compensation last year. Bowing to pressure, Morgan Stanley recently said it will pay much of its employees' bonuses in stock, and that those shares will be deferred over three years.