The bank reported a drop in fourth-quarter adjusted earnings, missing estimates, as it deferred fewer bonus payouts and unexpected market swings hit its division that trades bonds, currencies and commodities. In the past, Morgan Stanley has deferred up to 80 percent of its bonuses. Morgan Stanley said on Tuesday it would pay 39 percent or less of revenue from its institutional securities business to employees in 2015. Chief Executive James Gorman said in June the ratio would be 40 percent or less.