Morgan Stanley employees yesterday said the board's decision to give top executives lucrative pay packages that are guaranteed regardless of performance had caused outrage at the bank.

Morgan Stanley disclosed the terms of the pay packages on Thursday after the market closed. It had to reveal agreements with Stephen Crawford, co-president, and David Sidwell, chief financial officer. People familiar with the situation said the board also struck agreements with Mitchell Merin, who runs the asset management division, and John Schaefer, who runs the individual investor business.