Morgan Stanley's outgoing CEO John Mack has declined a bonus for the third year in a row.
In a memo sent to the investment bank's employees on Friday, Mack said he recommended to the board last week that he receive no year-end bonus "given this unprecedented environment and the extraordinary financial support governments provided to our industry."
Morgan Stanley was one of hundreds of U.S. banks that received assistance through the Troubled Asset Relief Program to help it manage through last fall's credit crisis. Morgan Stanley repaid the $10 billion it owed the government in June.
Mack said financial firms cannot ignore the lessons of the market crisis, and called for the need for more regulatory reform, including efforts to better align executive compensation with long-term performance.
Mack will step down as CEO on Jan. 1, but will remain at the company as chairman. He is being succeeded by co-president James Gorman.