James Gorman runs this house!
Since taking the reigns at Morgan Stanley in 2010, CEO James Gorman has guided the firm with a managerial style that boils down to telling people, more or less: You’ll get it when you’ve earned it, “it” being anything from personal space to money to his respect. On the point of compensation, last year he told employees complaining about what they were paid to either open a newspaper and get over themselves or do everyone a favor and quit. Today brings news that this year, he’s doubling down on that mandate and daring anyone to make something of it.
Sort of a trick question since, as you all know, banks haven’t held firm-wide holiday parties in quite some time but if they did, is that what we could expect? Based on recent reports about a new approach James Gorman is taking with the staff, yes.
Despite just last month receiving the official word that bonuses will be down ten to thirty percent (at best) this year, Morgan Stanley employees have been girding their loins for the bad news since at least September. With a few weeks to go ’til real numbers are communicated, they’re at the ‘just rip it off […]