James Gorman

War Among the Viacom Babies?


SUMNER Redstone, who split his giant Viacom media empire into two separate companies, is now trying to get the chairmen of the firms to stop fighting with each other and play nice.
Insiders say that nasty stories have been leaked to reporters about Viacom chief Tom Freston and CBS boss Les Moonves – and that staffs of each man believe the stories are being pitched by the rival camp.
When the chief flack for one chairman called the flack for the other and accused him of spreading lies, the spokesman allegedly confessed, “You’re right. I work for a deeply insecure man who made me do this.”

Page Six then goes on to note that spokepersons for both both companies deny the exchange took place but, well, they would say that anyway. Maybe the Viacom and CBS spokespeople need their own spokespeople.
Dirty Tricks By Viacom-Rades [Page Six] [Free Registration Required]

Look To Your Left. One of You Won’t Be Here Next Year.

hatchet.jpgJames Gorman, head of Global Wealth Management retail at Morgan Stanley, has decided to give the ol’ heave-ho to 500 of its 1,000 broker trainees. Gorman’s explanation:

He described those being dismissed as “not tracking toward success” as financial advisers.

Which is a nice way of saying they’re incompetent. That or firing 20 people didn’t quite scratch the itch, and Gorman just decided to think bigger. FYI: From now on Gorman will no longer be known as “James Gorman.” We shall now refer to him as the “Aussie Axe-man.”
Morgan Stanley to Fire 500 Broker Trainees [CNNMoney via DealBook]
Morgan Breaks Broker Trainee Program; 500 Axed [NYPost]
The First Step in Merrill-izing Retail is De-Morganing It
Blue Horseshoe Loves a New Job at Morgan Stanley

The First Step in Merrill-izing Retail is De-Morganing It

hatchet.jpgJames Gorman, in an effort to clean up Global Wealth Management (screw that; we’re still calling it “retail”) is axing 20 – 25 senior executives in the New York and Westchester offices. Who’s coming and who’s going? Send reckless speculation to tips AT dealbreaker DOT com…
Morgan Stanley fires 20 Plus Execs in Retail [Marketwatch]
And previously:
Blue Horseshoe Loves a New Job at Morgan Stanley