Philip Purcell, chief executive and chairman of Morgan Stanley has been paid a reduced bonus but has stopped short of the example set by Citigroup's Sandy Weill, who gave up his bonus entirely due to the decline in the bank's share price.

Weill, who received a $17m (€15.8m) bonus and made $15.9m on his share options in 2001, declined to accept a bonus for 2002 after Citigroup's profits slumped by 37% in the fourth quarter of 2002.