It always going to be wishful thinking to assume that no one else would follow in the footsteps of UBS. Now Morgan Stanley’s stepping down the bonus clawback path too, and is doing so even more enthusiastically.

While UBS’s clawbacks are limited to senior staff, Morgan Stanley’s appear to apply to ‘employees’. And while UBS laid down some very specific circumstances in which it would be grasping back bonus payouts, Morgan Stanley vaguely refers to clawbacks in the event of conduct which is ‘detrimental to the firm.’

Some MS insiders appear to relish the new arrangements: “If you’re a trader and you’ve had a huge year and you get paid a lot of money and then the following year it turns out you were taking outsize risk, we can go back and ding your pay from the year before,” Jeanmarie McFadden, a spokeswoman for Morgan Stanley, told the New York Times.

John Thain, John Mack waive their bonuses. (Guardian)

All 14 members of Morgan Stanley’s operating committee will have their compensation reduced an average of 75% from last year, while the 35 members of the management committee’s pay will be cut 65% on average. (Bloomberg)

“The performance of Merrill’s top executives throughout Merrill’s abysmal year in no way justifies significant bonuses for its top executives.” (Telegraph)

Thain originally asked for $40m. (Clusterstock)

FSA tells banks to get a grip on bonuses. (Telegraph)

Should a “state-owned” bank refuse to pay a guaranteed bonus on the grounds of its radical change in circumstances and government or public pressure, bankers who lose out would be in a very strong position to litigate. (The Times)

Deutsche Bank and JPMorgan cut jobs in South Africa. (Bloomberg)

Nomura to cut 100 jobs in Asia. (Financial News)

Natixis to cut 850 jobs, 450 from corporate and investment bank. (Financial News)

Ex-Lehman fixed income bankers start their own investment firm. (Bloomberg)

The experience of being inside the panic changed Griffin and changed his firm. Once thought of as humorless and stiff, he now comes across as more personable and even makes the occasional quip.(Fortune)

The future according to Robert Peston. (BBC)

Citigroup disappoints small children. (Bloomberg)

Sandwich board banker gets job (DealBook)

Jesus was born in June (Telegraph)