James Gorman

  • 13 Nov 2014 at 1:26 PM

Bonus Watch ’14: James Gorman Is Proud Of Y’All

James GormanIn late January, in the year of 2012, Morgan Stanley had a lot of unhappy employees on its hands. Bonuses had just been announced, and the majority of the team was displeased. But while some bank CEOs might’ve paid lip service to the group, telling them how important they are despite what their bonus might suggest, or promised the slight would be made up next year, or simply ignored the grumbling and gone about their merry way, Morgan Stanley chief James Gorman was having none of it. “STFU or GTFO,” he essentially told MS employees, during an appearance on BloombergTV, “and don’t let the door hit your ass on the way out.” (Actual words: “You’re naive, read the newspaper, No. 1, 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.”)

Now, nearly three years later, with what was no doubt a tear in his eye, Gorman had this to say: Read more »

Cash as a physical entity will virtually cease to exist, with coins and checkbooks consigned to museums. As people conduct their financial transactions on hand-held devices made secure by advanced biometrics, even tipping will be done electronically. Paper currency does not disappear entirely, however. You’ll still need it to buy a beer at a certain dusty bar in the Australian outback, where the proprietor sticks stubbornly to a cash-only policy, ‘because you never know, mate!'” [WSJ]

Serious with colleagues, even a bit remote, Mr. Gorman can be a very demanding boss. “People looking for a John Mack-style slap on the back are not going to get it with James,” said one longtime Wall Streeter. “If you’re looking for regular affirmation, it’s going to be a lonely existence.” [...] When Mr. Gorman is uncomfortable or has bad news to deliver, he often clears his throat, and as a result, throat-clearing has entered the firm’s lexicon as code for trouble, as in: “How was the meeting with James?” “There was a lot of throat-clearing.” “Sorry to hear that.”New York Times, JUNE 28, 2014

For those Morgan Stanley employees who have been summoned to Gorman’s office but are unsure how to interpret the clears, please refer to the following: Read more »

  • 11 Jun 2014 at 5:38 PM

Why Have One Morgan Stanley When You Can Have Two?

Morgan Stanley hopes very much that it is more than the sum of its (two) parts, especially as one of those parts is basically subtracting. Read more »

Not being told what a shitty job management is doing somehow feels off. Read more »

  • 02 May 2014 at 4:20 PM
  • Banks

But Who Will Jürgen Fitschen And Anshu Jain Hang Out With?

Deutsche Bank’s CEOs will still be allowed to show their faces at the St. Petersburg International Economic Forum, because German businessmen—familiar as they are with protecting their own abroad—don’t see any reason why imperial irredentism should get in the way of making money. But they’re gonna have a hard time finding other bank chiefs to have caviar fights with. Read more »

“I’m not sure I understand it. I mean, it is totally surreal. I mean, who’s the founder, this guy in L.A. What’s going on with Mt. Gox? I mean, there are so many moving parts. Let’s just say I would think and hope that the regulators are paying a lot of attention to it.” [FBN]