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Layoffs/Bonus Watch ’12/13: Morgan Stanley

Back in January, Morgan Stanley CEO James Gorman sent a simple messages to his employees, who had been grumbling about their pay: STFU or GTFO. “You’re naive, read the newspaper, No.1,” Gorman told Bloomberg he would say to any members of his staff that wanted to give him lip about their compensation to his face. “No. 2, if you put your compensation in a one-year context to define your over all level of happiness, you have a problem which is much bigger than this job. And No. 3, if you’re really unhappy, just leave.” Today, in an interview with the FT, Gorman reiterated his stance and added that in addition to reducing compensation for current employees, the bank will likely be drastically cutting pay for future analysts. If anyone has a problem with that, they should consider applying for a gig at Bank of Mythical Pre-Crisis Era Bonuses. Alternatively, Gorman is happy to discuss a compensation plan in which you’ll be awarded shares of his foot in your ass, which vest immediately. Your call.

In the latest sign of the pressure Wall Street is under to cut costs and address high pay levels, James Gorman, chief executive, said that staff and remuneration would have to be sacrificed as banks cope with lower profits. “There’s way too much capacity and compensation is way too high,” Mr Gorman said in an interview with the Financial Times. “As a shareholder I’m sort of sympathetic to the shareholder view that the industry is still overpaid.”

Morgan Stanley itself is already axing 4,000 jobs, 7 per cent of its workforce, by the end of this year. In the new year, Mr Gorman said, the bank will consider its next round of cost-cutting, including lower pay and bonuses. News of further pay cuts, including potentially for new entrants at the investment bank, comes just weeks after Goldman Sachs confirmed it was overhauling its well-known entry-level programme for analysts. Goldman was said to have tired of the number of analysts in the programme who left the bank for hedge funds. Mr Gorman said that Morgan Stanley will probably keep its own analyst programme, but pay could be reduced significantly.

Morgan Stanley Chief Warns On Wall Street Pay [FT]
Earlier: James Gorman To Employees: STFU Or GTFO

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534 Responses to “Layoffs/Bonus Watch ’12/13: Morgan Stanley”

  1. .Bo says:

    And a happy Friday to you too, James.

  2. 2ndYearSummer says:

    Well, fuck.

  3. Guest says:

    Weird, Zuck got the same message

  4. guest says:

    say what you want about this guy, he's one of the few people on WS who have come to terms with the overcapacity, and the only hope MS shareholders have.

  5. agreatdaytothink says:

    Step 1: Reduce Pay of Analysts
    Step 2: ?
    Step 3: Higher retention/reduce defection to hedge funds.

    – Guy who thinks Step 2 must be borderline legal, and maybe on the other side of the border.

    • guest says:

      They're reducing the pay of EVERYONE and also cutting staff, your reading comprehension challenged idiot.

      • agreatdaytothink says:

        "Goldman was said to have tired of the number of analysts in the programme who have left the bank…."

        – Hooked on Phonics

        – Sorry, meant to sign that "Buy-Side Secure"

        • guest says:

          Seriously dude? You know there were like 7 paragraphs prior to that one? Including one that states: "James Gorman, chief executive, said that staff and remuneration would have to be sacrificed as banks cope with lower profits."

          I know it's hard for you to take facts that don't support your unfunny jokes into account but just try this once.

    • Ray Dalio says:

      Step 2: Blackmail and a cattle prod

      -HFT gambler

  6. Snideclopse says:

    James, why must you be such and insufferable boar all the time.

    -YOLO

  7. guest says:

    Bank of Mythical Pre-Crisis Era Bonuses = Goldman?

  8. NakedShort says:

    who pissed in his Wheaties?

  9. Assachusetts says:

    I'll go with the foot.

    -Barney F.

  10. Guest says:

    I was bitching about my bonus well before the crisis hit. So I have every right to keep it going.

    – fixed income trader

  11. guest says:

    Bonus is Latin for good. I'm sure those in my analyst class who do good for society will be justly rewarded.

    -Barclay's 1st year Societal Goals analyst

  12. Dave says:

    Great! More traders will be leaving to start hedge funds!

  13. Vikram says:

    Mr. Gorman must be all torn inside as an overcompensated CEO and a major shareholder at the same time.
    Mr.gorman I have 3rd compensation option for you – GFY.

    – Guy who loathes pretentious, self-righteous, hypocritical pricks like gorman.

    • PermaGuestII says:

      What do you mean? $12,981,856.00 is perfectly fair compensation for a 46% decline in share price.

      -J. Gorman

      • Gunthar says:

        I would suggest Mr. Gorman to give Vikram Pandit a call. But I am afraid that any ensuing discussion on theri respective pay packages would violate Anti-Trust laws on price fixing clause.

        – UBS Compliance Quant

      • guest says:

        Thank God you took that out to two decimals.

      • guest says:

        That's what you get for hiring an ex consultant to be a CEO

  14. guest says:

    Wait a second, shareholder have a say in anything? Good Lord what's next, putting a client's needs ahead of my own PNL? Commies!

  15. Guest says:

    So Goldman can't hang on to their top talent? Cry me a river.

    -Arsenal FC

  16. Guest says:

    First the sharks, now this?

  17. TheDetailGuy says:

    I have a problem much bigger than this job.

    -Andrew Tong

  18. Guest says:

    I thought we'd get to see forever
    But forever's gone away
    It's so hard to say goodbye to yesterday

    – Boyz II Men

  19. color me ill says:

    naaaaaa

  20. Life ain't so bad not having to work boys and girls. Just don't forget to negotiate a good severance package first.

    If you're last in line, then you'll get diddily squat.

  21. E. Cartman says:

    Tha' fuck is a "programme," frenchie?

  22. Guest says:

    Deuces

    -J. Gorman

  23. Occupier says:

    Dear Morgan-Stanleyites,

    Welcome to the 99%.

    Yes!

    -Occupier

  24. Warburg Principal says:

    I'm so happy that I left Morgan Stanley a few years ago, when it was still at its peak. I moved on from their IBD (TMT) to a premier, bulge-bracket, prestigious PE firm of Warburg Pincus. Now I do feel bad for my sell-side former-colleagues who I left behind. But hey, life is a self-selective pyramid of elitism. Now the very people left behind at MS, are afraid for their jobs, and I frequently get cold calls, and colder resumes asking for help.

    I'm just glad I made a seamless transition to Warburg as an associate. And through my diligence, smarts and two Ivy degrees rose through VP and now Principal. Don't cry for me MSers. Not everybody can make it to my position.

    I'm just glad to have left the sell-side, in particular MS, way behind in my life. Buy-side is where the action is, especially at top firms like WP.

  25. Rainmaker says:

    Dear mr. Morgan –

    Do I still have a job?

    I probably brought in more revenue and league-table standings than all the 4,000 people you just fired.

    Sincerely,
    Michael Grimes

    • guest says:

      I'd say he still has a job. he's on speed dial for peter thiel, accel, tiger and all the other billionaires who cashed out of facebook at the IPO price. that *probably * outweighs the discontent of some smith barney retail clients who got stuffed with it.

  26. Blazing loss says:

    Aussie Aussie Aussie!!!

  27. Common Sense says:

    Make money, get paid; don't make money but think you are entitled to get paid, be glad you are employed.
    – Guy who is sick of telling useless bankers that they wont get paid like useful ones.

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  388. WSJ says:

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  390. Glad I. Left says:

    Good ol' Jim sure has a smile on his face when he cashes his big checks and even bigger when he gets his stock for the year!! Yeah, quality guy huh!! More like another total asshole CEO that thinks he's a celebrity!! Is he really worth 100x what the average employee makes??

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  397. Mike Ho. says:

    <img src="http://www.newautoquote.us/ikeas/loi.jpg"/>They're still getting a bonus in this kind of economy? <img src="http://www.newautoquote.us/xboz/jh.jpg"/&gt;

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    Love the old guys taking the moral high ground and talking about cutting bonuses and staff. …must be nice to be able to make these decisions after you've already made a bunch of money through cash-heavy bonuses over the years…..

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  454. guest says:

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    He is tone deaf to the poetry leadership and motivation……The cornerstone of his policies MSSB is imploding with
    adviser attrition number 20 FAs per week, computers that do not work, command control policies and procedures which are not in the clients best interest……..THIS PLACE is run by the oligarchs who could care
    less about the clients and employees…….THEY ARE a public policy nightmare for baby boomer retirements….GUESS is he is ruining another business again like he did at MER……got to love his motivational skills
    Their fiduciary standard is pushing products

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