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John Mack, the chief executive officer of Morgan Stanley, is forgoing his year-end bonus, according to Reuters.
Mack is retiring as chief executive at the end of the year and will be replaced by current wealth management boss James Gorman. Mack will stay on as chairman of the company.
This is the third straight year that Mack has refused to take a bonus. In the third quarter of 2009, Morgan Stanley reported a profit for the first time in a year, earning $757 million or 30 cents per share for the quarter. The firm also set aside $10.9 billion in the first nine months of the year for compensation.
