As you may have heard, bonuses were announced at Morgan Stanley last week and while some employees here and there did okay for themselves, for the most part, people were not pleased with the fact that pay was down, on average by 20-30 percent. In fact, many were downright distraught, particularly among those who received zeros. As these things tend to go, a bunch of people have suggested they’ll be taking their talents elsewhere, where they’ll be appreciated and, at the very least, have made a point of sighing audibly around the office to express their disappointment. By now, though, hopefully everyone’s gotten everything out of their systems because one person who’s no longer interested in hearing it? James Gorman. The Morgan Stanley CEO appeared on Bloomberg TV this afternoon to get a few things off his chest and among them: 1) Those complaining should consider waking the fuck up 2) If you let money define your happiness, he feels sorry for you and 3) “If you are really unhappy, just leave.” Seriously, get the hell out here.
Morgan Stanley Chairman and Chief Executive Officer James Gorman said employees understand why the firm had to cut pay, and those who don’t need to adjust their attitude. “You’re naive, read the newspaper, No. 1,” Gorman said he would tell miffed employees, speaking in an interview on Bloomberg Television. “No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job. And No. 3, if you’re really unhappy, just leave. I mean, life’s too short.”
Any other questions? No? Good! ‘Cause there’s a new James Gorman in town and he doesn’t give a fuck! Gone are the days when no one had the balls to sit you down, eye-to-eye, one-on-one and say “Cut the shit.” Moving forward, we’re going to be doing things a little differently around here. Don’t like it? There’s the door, use it. Otherwise, saddle up, muchachos. [Drops the mic]
Morgan Stanley CEO Says Tone of Markets Improved [Bloomberg TV]
werd up
Gorman, you asshole!
"No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job"
Pretty easy to say when you are making 8 figures.
What a way to retain talent and encourage a positive office culture!
Seriously, no one should work in banking for the money. It’s all about how we help sick children and save endangered species. I mean, I certainly don’t make $millions/year…uhhh, wait.
Well you can tell Gorman what a cheap, lying, no-good, rotten, four-flushing, low-life, snake-licking, dirt-eating, inbred, overstuffed, ignorant, blood-sucking, dog-kissing, brainless, dickless, hopeless, heartless, fat-ass, bug-eyed, stiff-legged, spotty-lipped, worm-headed sack of monkey shit he is!
First!
He forgot to say 4) get used to it because 2012 won't be any better
Groton
you better check yo'self before you wreck yo'self, because messin' with JG is bad fo' yo' health…
-I. Cube
When I lost a big nut on the desk at MS I told Gorman not to let my performance in a one-year context to define the firm's overall level of happiness with me. That was right before the security guard pulled me off the desk and threw me out of the building.
Classic
Can't describe how hard I came after reading this.
If you define your overall level of happiness by whether you can house and feed your family with your deliberately low base salary (because, you know, they'll make it up to you at bonus time), you might be, you know, human.
Glad to see you took my advice, James.
- J Dimon
To: James.Gorman@(REDACTED)
From: A.Melody@(REDACTED)
Subject: Have A Great Day!
Date: January 25, 2012
Mr. Gorman:
I just wanted to send a note suggesting you "Have A Great Day!" One way to have a GREAT DAY would be to check the letter of recommendation sent to you about me by "Red the Pirate" a former banker, who gave up a banking career to become a "pirate" (AAARGH!). As unhappy as some of your employees might be today remember that there are those of us who just look for "opportunity" and if we do good the money will surely follow.
You should know that I came up with the concept of fire retardant condoms in my Junior Achievement days and am know for finding the largest amount of spare change outside of 7-Eleven stores. I successfully pitched advertising on automobile airbags and am able to French kiss counter-clockwise south of the equator.
I hope to hear from you soon.
A. Melody
So they should just follow his model?
1) Have Merrill brokers become mortgage salespeople in a big way.
2) Move the mortgages to IB to be packaged and sold while booking huge gains through "gain on sale accounting".
3) Have the bulk of the gains fall to the bottom line and claim you've turned the division's operations around.
4) Jump ship for another firm and say you can do the same for their retail brokerage.
5) Realize you can't do it again now that housing has collapsed, layoff a chunk of the firm, and tell the employees who are left to like it our lump it.
Nothing makes you feel better than punching your obnoxious CEO square in the face… AND it's free, now THAT is how you define happiness Jimmy!!
-Former LEH Employee
When you rant like that your Whisky Sour sloshes all over me, man.
-Guy Next to You at Minetta's
…I am trying this whole "not criticize people" thing, so…
That was a solid effort. You humor and writing skills will improve as you become a teenager and eventually an adult.
Non-MS employees to MS employees: LOL!
- guy who only reads headlines
Reeaaaal Niicccee!
UNIONIZE, THE TIME HAS COME BROTHERS AND SISTERS. Never has an industry depened on human capital as much as finance. Start a financial services workers union, see how fast this guy dinks a nice big steaming cup of shut the fuck up,,,
That's the fucking spirit! Tell those stillborn, limp-wristed lapdogs what the fucking deal is! Just because mommy and daddy have 1m AUM at the firm does not mean you get a job anymore. Go bite your fucking pillow.
To: James.Gorman@
From: A.Winning@sheen.com
Hey Jimmy, those comments you made earlier? Guess what?
That's why I left!
You know? I'm so tired of pretending like my life isn't perfect and bitchin' and just winning every second, I'm not perfect, and bitching and just delivering the goods at every effin quarter and this what you want to pay me?
….Because look what I'm dealing with, man – I'm dealing with fools and trolls. I'm dealing with soft targets.. yeah, I said it you're a soft target Jimmy…
May I add “unorganized grabastic pieces of amphibian shit”?
-Gunnery Sergeant Hartman
Can't take credit but can post here:
Yes, leave….at 5:00 PM everyday.
Yosemite Sam – PG-13
Hey Gorman ;)
Re #3- you first, Jimmy.
Good one Mexi. How ya been? I've missed you.
How did you get the entire audience of the peep show you mop up in to go to this thread and click on the thumbs up link?
You forgot…
6) Profit
Come on. Deliberately low still means 6 figures. Granted, I'd be pissed if I only made a $100-150k base salary while also expecting a $100-200k or more bonus on top, and any Morgan employees who feel shortchanged are justified in being upset and considering their options… however, it shouldn't affect your ability to "house and feed your family." What the fuck were you doing, spending your $12k a month base on hookers and waiting for the bonus check to pay your rent with? Give me a fucking break.
Thanks. I'm semi-dandy, been working again last few weeks in the wonderful world of investment banking after catching the slip (not nipple slip) in Nov. How are you?
Takes balls to tell your employees to stop whining about crappy bonuses when you just banked $10mm
Especially after the stock was down 45% in 2011
The part about happiness and income is just stupid and uncalled for. Why the hell does he think people took jobs with Morgan Stanley in the first place?? To make more money than they would otherwise! If they wanted to find happiness through other means, I doubt they'd by anywhere near Manhattan, much less working on Wall Street.
Welcome to MS, where it's "Better to be pissed off then pissed on"
-Guy likes switching the work 'then' and 'than'
Cool story dickspit. Too bad 1) People usually dont measure how much money they have in AUM and 2) $1m wouldn't even get someone into Guerriero Wealth Holdings
Fact: Gorman is from McKinsey. All those dorks have only one idea… the guys at the top keep more money if they fire a lot of people. The average length of service at McKinsey? 2 freaking years! Not long enough to learn a single thing, since they all fire each other by the two year mark! (asinine).
Gorman made 14 million last year for what? The stock's down over 76% from its peak a few years ago. Nice work, azzhle.
McKinsey people don't realize two things:
1. that you don't pare back a tree's leaves and expect it to produce sugar. You pare back when the root is strong. To grow you must invest: water, sunshine, nutrients. Duh.
2. A company's human capital is its most important asset; the company's culture keeps or loses that capital. Gorman is losing capital everyday because his culture is McKinsey more for me at the top BS.
In fact, I work for MS and a few weeks ago they took the best support staff lady in the office, with 30 years at the firm and the one person in the office who knows how to navigate the absurdly poor operations systems they hacked together… and told her she had an hour to clean out her desk. No retirement party, no thanks for your dedicated service… just… go f yourself.
Me, I'm leaving the company too, and I'm taking my nine figure book of clients who are loyal because of my good advice and smart management with me… because they are not loyal to Jimmy Gorman or a logo on a statement, they are loyal to the people they trust in a business filled with sharks and greedheads who failed upwards. I'm going independent since this firm seems to insist on f'n up my productivity all day everyday.
Go back to Australia, Gorman, you seem to know nothing about business.
No, Gorman did
It was 8k on hookers. Other 4k was on blow. And my rent is way more than 12k a month anyway. Where the fuck do you live? Go get me an egg sandwich.
You're right- we'll just move to Newark and hope the kids don't get shot.
violins playing softly in the background….
I'm full-on dandy. Bonus flat YoY* which makes me a big winner and The Giants are about to win the Superbowl.
* as has been previously established in these pages, I have excellent oral skills, no morals and no ethics which, it turns out, are protection against bonus reductions.
I feel your brother
- Latrell Sprewell
Hey backoffice – Go get your fucking shinebox.
Howz I spozed to fed my chirruns on ahunna fitty a year ???
You forgot
"no-good yella-belly snake-egged VARMIT!"
Gorman forgot the most important thing in finance. Variable comp is only variable one way: up. If the firm makes $10B, you make $10M. If the firm makes $5B, you make $10M, because you "deserve" it.
I can't decide what is lacking more in my life, your bonus or your oral skills.
I heard virtually that same story from my coverage at Citibank. Sales assistant with 25 years of experience was canned. How much money are they even saving getting rid of that level? Hell, just slice the CEO's pay and you can keep hundreds of office staff.
Nailed it.
Barack?
This was shockingly brilliant. Well done chap.
Good question. Personally, I always go with the money in the hand is better than a bird in the bush (or something like that…)
OWS hears your cry, sweetie
Quite able to do #1. After 3 years of looking at salary in a one year (#2) context I took option #3.
Shame… MS used to be a fab place to work.
Slow clap….
Please do something about that.
http://www.youtube.com/watch?v=MvFSgXpyhoM
Agreed!!
You forgot about the taxes…that $100k really looks like $65k and rent alone in the city takes a big chunk of that
ditto on all three points – taking it one step further – perhaps you care to join me
http://finlawandpol.blogspot.com
"What’s the matter, you too good for this ten dollars? Huh? You too good for it? It’s a good ten dollars. Know somethin’ Mikey? You make me laugh… You know, ‘cause that’s what you are, that’s what I think of you: a jerk-off. You’re a f#king jerk-off! You’re laughing ‘cause you’re a jerk-off. I’ll tell ‘ya something else. I f#ck you right where you breathe, because I don’t give two sh!ts about you or nobody else. "
–Gorman to weeping Morgan MD holding his 2011 bonus check
Haha, dear all, just wait until all of you are replaced by 1) Technology troubleshooters 2) People re-writing technology to keep jobs 3) customer service [knows as sales, advisors, hr currently] — this all can be outsoourced too..
Everyone at Ms knows this. Gorman knows too, so, common, be happy that you are still paid at all in this country!
Except i would argue its hard to outsource ib analyst role. Production services? Sure. IT? Sure. Have you ever tried yelling at someone over the phone? Not quite as effective. Plus, try telling your client that they have to talk to some vp in india and let me know how well that goes over…
Please leave the maniacal laughter to the professionals.
Gorman, you got 14 million this year, and employee who you told them the owner of the firm got zero, NICE!
FUCK YOU MR GORMAN
Message to MS employees: spend less time on dealbreaker cracking jokes about UBS, and more time bringing in revenues.
in my shop we did not even get a lecture.. just silence treatment
Its expensive to live in New York. You lose ~50% to taxes. Then you got rent and living expenses. For most folks, the bonus makes up most of the year's take.
.. and they call me nasty ?
Y'all quit your bitching, shut the fuck up, and get back to work. If you precious fucking snowflakes can't handle holding down a job, then get out of here and go do your own thing. Congrats on toeing the party line and kissing my ass, but you're disposable and if you doubt that then go on the same unemployment line as the lesser paid workers you think you're so much better than. Christ, I haven't seen whining like this since the 70's. You're not in charge of shit, fuck you, suck my old, rich wrinkled balls.
- James Gorman after a week in Texas, a few shots of Jack, and getting shot down by L Tilton
- Bud Fox
Most of that was bullshit but we're interested in your analysis in point #1. When can you come in to discuss in person?
- Goldman Sachs, Head of Horticultural Capital
Hopefully you posted from a non-work computer. Otherwise wouldn't this be discoverable in your non-solicit arbitration hearing?
– guy who agrees with you and hopes that you vented appropriately
DB is blocked at Morgan. Reading it would probably actually help employees (comedic relief, all that jazz).
MS is a sinking ship run by a nasty little man. I feel for all the employees there. There used to be an unspoken deal. Do the job, keep your head down, generate profits and the firm will take care of you at year end. Well the deal doesn't exist anymore become the little man in charge doesn't have the integrity to keep management's side of the bargain. It's great to see him in the press telling all the hard working people at MS to sftu or gtfo. At some point I hope all the hard working dedicated employees who have to pay rent, feed the family and pay the bills get the message…the little man doesn't care if you starve. He just doesn't want to hear you moan as he walks on your bodies.
Leave! Free yoursef. Do anything else you can find to do for a living but don't be a slave to the little man.
Btw….why does he always wear cheap looking wrinkled suits?
Hollah child!
Vickles and his $1
Having been stiffed on a bonus or two as an IB associate in the dot-com bust era: it completely sucks. You bust your ass all year for a modest salary, put up with some pretty poor treatment from the higher-ups, and neglect your family, friends and health. You convince yourself you are doing the right thing, working hard for the team, staying positive, etc. Then the unwritten agreement is broken. More often than not, the resulting loss of trust creates a permanent change in attitude amongst the troops and ultimately has a destructive effect on the organization. Gorman's stance here – challenging people to leave if they are unhappy – may make him feel like a tough guy but is a very poor management technique.
I know the 99%ers are not going to feel pity for the evil bankers who went without bonuses but these situations can have long term negative ramifications. You can't burn people like this and grow your business.
MS had significant negative net income in 2011 when adjusted for DVA gains. Their employees on a while have not been generating profit for the firm.
make that "on the whole"
so… can we put you in the GTFO camp then ? don't let the door hit you in the ass on the way out. and leave your ID at the door
You forgot ugly, lazy and disrespectful
Shut up bitch! Go fix me a turkey pot pie.
You forgot ugly, lazy and disrespectful
Shut up bitch! Go fix me a turkey pot pie.
Fuck you, Jimbo.
Gorman, you are an arrogant SOB. Hope you enjoy your bonus while you eliminate everyone else’s.
80/20 rules applies. 20% of producers bring in 80% of biz.
Gorman throws down gauntlet, says "bet you can't get a better offer".
For every 100 employees, the bottom 80 won't get an offer. For the top-20, who are bring in 80% of the biz, 75% will get an offer. And at least 50% of them will leave. So, ~25% of your revenues walk out the door.
I expect another Group of 8…
Hey, he's doing a great job. Let's review:
- Buys a top-tier brokerage firm, can't pay for it, commits to a merger timeline with Dean Witter that he blows out by over a year. Sears would be proud.
- Kills ROE (you know, that's that ol' single-digit number) thanks to thousands of consultants billing by the hour! The genius of McKinsey, front-and-center.
- Get the MS PR machine going full tilt right after those evil "bloggers" driving down the stock with their libelous rumor-mongering. Damn You ZH ! Damn You!
- Stellar stock performance down 40%, 50%. Those bloggers again. Thank God, Dick Bove is there to save you. Really, you're doing a better job than those other guys. You're just that good. Keep telling that to the institutional investors holding a few million shares.
- Announce to the world, and your employees: FUCK YOU. Good-for-nothing , disloyal POS whiny overpaid bastards should GET OUT NOW. Who needs talent ! Loyalty is for SUCKERS.
- Really, slaves are better! Command & Control baby!!
- What to do with the $10mil this year? Maybe a new ski house in Davos?
- How's that bank coming along? Nice deposit base? Feds treating you well?
- People mean nothing. Numbers mean everything. This is leadership.
From Mack to this.
Pathetic.
Dear Jimmy,
Thanks for your advice.
Goodbye
-Steve
No, that is not what I meant – sorry if I left a wrong impression. My point was that bankers receiving a zero or token bonus are going to be justifiably angry. The type of comments Gorman made are very unhelpful. Worse, when he is banking eight figures, his comments appear hypocritical. He is right that there aren't many places for people to go right now but pointing that fact out is not going to make anyone feel better about getting the shaft.
I may or may not work for MS and I may or may not make a lot of money for the firm, but James Gorman can take a @uckin' hike. He'll regret these comments, even though they're understandable. Gormy is a lawya. Lawyers can't run businesses, they only know how to run them . . . into the ground.
Acorn, Occupy and press whores define compenstion for the mid level employees at banks. Thank you wealthy politicians, Prosti Press and Pork lawyers for destroying more lives with zero liability.
Acorn and Occupy were dispatched by the Govt or these clowns would be sitting on the front steps of every hack politician and lawyers office instead of smashing young associates future! How you going pay your college loans for starters?? Nothing but Headlines to get more Aholes elected to do nothing but line their pockets. Collateral damage is you longpond.
Fire more people so we can party in the park! Misery likes company.
Thank you sir may I have another!
Gorman is typical of the people that run wall st these days. He is more of a politician than a smart businessman. After Lehman, he made the most retarded statements about bank excesses which further fueled the anti wall st rhetoric. He spent last week in Davos hobnobbing with world leaders and that is all he cares about, not Morgan Stanley its employees
Time some of the laid off bankers reading this set up a union for finance people
It might be "easy to say", but still an accurate statement
good discussion on wso about this as well, quote I most agree with: "we are a free-agent nation. Corporate/firm loyalty died a long time ago." http://www.wallstreetoasis.com/blog/gorman-to-bon...
If people feel strongly about Gorman's comments, email him. We all know his name, and where he is CEO. Further, how long can he keep his job when he when he alienates people who drive the firm's revenues? He's out of touch and offbase, and I bet someone calls him out at the firm for using poor judgment in his comments.
And some people ask me why they call us (MS employees) the "cowboys"….. great culture!! Mr James, so many people support your bullshit/mob culture for only one reason, year by year, the money!.
Completely agree with where Mr. Gorman is coming from. Employees being unsatisfied with their bonuses this year despite having one of the most coveted and sought-after jobs on the Street. Needless to say, 20-30% cut in the bonus is not a lot considering they could have been fired. The employees must have been pretty vocal about this since Mr. Gorman even came out on TV to talk about this. Either get out, wake up, or if money is everything he feels sorry for you.
I wonder if many investment bankers are currently too focused on money that they lost sight of the outside world and how people outside of finance view the compensation levels. Many in IB might say that it is justified for however, others in F500 corporations or Big 4 Accounting must have the view that compensation is ridiculous. Side note great discussion on compensation here: http://www.wallstreetoasis.com/forums/ny-times-on...
космические рейнджеры 2 патчи
http://wordpress.com/
игру луксор новые приключения
wordpress.com
песню thats my name
At first glance, the head honcho's frustrations are kind of understandable. After all, these people who are already making 3 figures more than the average person are complaining about a 20-30% pay cut while seemingly half the world don't even have jobs. (The CEO himself sets a shining example after "only" raking in 7.4M, down from 15M in 2009) According to Gorman, complainers need to "read the newspaper" and stop dreaming in 2006. He further continues his rant by disseminating more career-counselor wisdom: "Don't let money dictate your happiness" and "Life's short–do what you want to do and pursue your passion." Gorman seems sincere–but one has to wonder where his head has floated off to because how is telling a banker who chose sleepless nights for precisely the money to get a life productive? I'm thinking his time could be better spent trying to figure out why MS stock dropped 45% in 2011 and how to get it up again so they can go back to paying big bonuses.
At this point, really it's not only STFU or GTFO, but deal with it and get used to it, because 2012 is not going to be any better.