NEW YORK May 16 Morgan Stanley has
issued 30 million shares as part of the Wall Street bank's
employee bonus plan, according to a securities filing.
Morgan Stanley valued the stock at a maximum offering price
of $705.6 million, or $23.52 per share, based on the average of
its high and low share prices on May 9, according to an S-8
filing with the U.S. Securities and Exchange Commission.
Shareholders approved the issuance on Tuesday at the
company's annual meeting.
Morgan Stanley has not bought back stock to soak up dilution
in some time as it tries to preserve capital, and is using
excess funds to buy the rest of its wealth-management joint
venture from Citigroup Inc. Chief Executive James Gorman
said on Tuesday that the bank hopes to increase buybacks soon.
The new issuance represents about 1.5 percent of Morgan
Stanley's outstanding stock. It was less than the 50 million
shares the bank issued the previous year for employee bonuses,
reflecting lower compensation costs and a sharp rise in Morgan
Stanley's share price that allowed the bank to issue fewer
shares per bonus dollar.
Morgan Stanley booked $15.6 billion in compensation and
benefits expenses last year, down from $16.3 billion in 2011.