Morgan Stanley, owner of the world’s biggest brokerage, set aside a smaller share of revenue to pay employees at its investment-banking and trading division in the first nine months of the year.

Compensation for staff at the institutional securities unit was $5.28 billion in the period, according to figures posted today on the New York-based firm’s website. Salaries, bonuses and previous deferred awards equaled 42 percent of adjusted revenue, down from 46 percent a year earlier.

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