….Morgan Stanley isn’t the only bank de-emphasizing delayed gratification for its bankers and traders. Deferred bonus pay has been on a slow decline since 2010, according to consulting firm Johnson Associates Inc. Earlier this year, Johnson Associates estimated about 36% of a $1 million bonus on Wall Street is deferred, compared with 45% in 2010.

Banks have gradually inched back toward paying more cash in order to be more competitive in “keeping and attracting talent” that might otherwise leave for hedge funds and private-equity firms, said Alan Johnson, managing director of Johnson Associates.

The Wall Street Journal / December 5, 2014