James Gorman

  • News

    Now Let’s Go To Senior Wall Street Genitalia Correspondent Charlie Gasparino With More. Charlie?

    famous james gorman/body language meter predicting "decent" earns ppl @MorganStanley say "hes walking around like […]

    / Jan 16, 2015 at 3:06 PM
  • This could be you.

    News

    Bonus Watch ’14: Morgan Stanley

    Exciting news from the House o’ Gorman: employees will get more actual money come bonus […]

    / Dec 8, 2014 at 2:25 PM
  • James Gorman

    News

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

    In late January, in the year of 2012, Morgan Stanley had a lot of unhappy […]

    / Nov 13, 2014 at 1:26 PM
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    News

    Even In A Cashless Society, James Gorman Will Keep Some Paper Around For Emergencies

    “Cash as a physical entity will virtually cease to exist, with coins and checkbooks consigned […]

    / Jul 8, 2014 at 2:53 PM
  • James-Gorman

    News

    You Don’t Want To Know What Happens When James Gorman Clears His Throat More Than 5 Times

    Serious with colleagues, even a bit remote, Mr. Gorman can be a very demanding boss. […]

    / Jun 30, 2014 at 3:18 PM
  • James Gorman

    News

    New York’s Hottest New Club Is Gorman

    This place has everything: 22 year-olds willing to work 100 hours/week, an exclusive location next […]

    / Jun 24, 2014 at 2:59 PM
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    News

    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) […]

    / Jun 11, 2014 at 5:38 PM
  • jamesgorman

    News

    Morgan Stanley CEO Still Getting Used To The Idea Of An Annual Meeting That Doesn’t Involve Shareholders Handing Him His Ass On A Platter

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

    / May 13, 2014 at 3:52 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 […]

    / May 2, 2014 at 4:20 PM
  • jamesgormanmorganstanley

    News

    James Gorman Not Sure What The Hell To Think Of Bitcoin

    “I’m not sure I understand it. I mean, it is totally surreal. I mean, who’s […]

    / Mar 10, 2014 at 2:09 PM
  • Banks

    Charlie Gasparino’s Body Language Model Proves Accurate: MS Earnings

    Morgan Stanley ended up doing alright for itself in the third quarter, just as Gorman’s […]

    / Oct 18, 2013 at 3:28 PM
  • jamesgorman

    News

    Charlie Gasparino: James Gorman’s Posture All But Guarantees Good News Tomorrow

    Tomorrow morning Morgan Stanley will report its earnings for the third quarter. How will the […]

    / Oct 17, 2013 at 6:25 PM
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  • ben-bernanke-260x335

    News

    James Gorman: Give It Up For Ben Bernanke

    “Chairman Bernanke has done a phenomenal job. Hat’s off to him. The fed has played […]

    / Jul 18, 2013 at 1:15 PM
  • emmalasry

    News

    Emma Lasry’s Got Competition

    Mr. Gorman sent an e-mail on Wednesday promoting the music career of his daughter, whose […]

    / May 29, 2013 at 5:29 PM
  • News

    Bonus Watch ’13: Morgan Stanley CEOs

    The bad news: James Gorman’s pay fell 30 percent this year. The good news: he’s now in a position to show employees how to take these setbacks like a man, rather than grumbling like someone who puts their compensation in a one-year context to define their overall level of happiness.

    / Jan 24, 2013 at 6:38 PM
  • morganstanley

    News

    Morgan Stanley Has Canned Enough Employees At This Point

    Great news for anyone who’s been sitting nervously at their desk at Morgan Stanley the last few days, wondering whether or not their boss was about to tap them on the shoulder to go have a chat with HR: if you’ve made it this long, you’re safe! There will be no more human layoffs for the foreseeable future (plants may still be at risk).

    / Jan 18, 2013 at 2:36 PM
  • jamesgormanmorganstanleytradingfloor

    News

    Bonus Watch ’13: Jim Gorman Gives Employees The Option To Either Take Their Bonus In Three Easy Installments

    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.

    / Jan 15, 2013 at 4:09 PM
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    News

    James Gorman Will Say Something Nice About Wall Street When Wall Street Earns It

    If you’re looking for a cheerleader, go bark up another tree.

    “Say you want to be out ahead of it and give a lot of speeches and talk about all the good we’re doing,” Gorman said today at an industry conference in New York. “And then some trader does some stupid thing like this guy at UBS did and he’s in jail and all bets are off,” Gorman said. He was referring to Kweku Adoboli, the UBS AG trader convicted of fraud this month in the largest unauthorized trading loss in British history…Traders at New York-based Morgan Stanley had too much latitude in the past, “what I call having an outsized sandbox,” Gorman, 54, said at the conference, which was sponsored by the Securities Industry and Financial Markets Association. “Until we can be really confident we’ve got discipline around the sandboxes, I think you have to be really careful not to be holier than thou,” Gorman said. “We’re going to be in the doghouse for a while.”

    Incidentally, this would a good time to mention that Gorman’s bonus policy instituted last January– STFU or GTFO— still stands.

    / Nov 30, 2012 at 12:05 PM
  • Just hanging out here with some VaR

    Banks, News

    Morgan Stanley Now 23% Safer

    A value-at-risk model basically works like this. You have some stuff, which is worth X […]

    / Oct 18, 2012 at 1:15 PM
  • News

    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, 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.

    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

    / Oct 5, 2012 at 11:48 AM
  • what the?

    Banks, News

    Morgan Stanley Doesn’t Want To Share Custody Of Smith Barney Any More

    Buried in a footnote1 a while back I ruminated on the fact that, in the […]

    / Sep 21, 2012 at 5:25 PM
  • News

    Morgan Stanley ‘Rainmakers’ Might Quit Because Their Computers Don’t Work

    They’re not there yet, however; first, they’re going to send James Gorman a strongly worded letter and make a decision based on his response. They do sound pretty miffed though, so God help the guy if his answer is anything but “I’ve got my tool kit and I’m on the way over.”

    Several dozen Morgan Stanley Smith Barney advisers who manage tens of billions of dollars of client money are considering leaving the firm, saying that widespread technology problems have made it very difficult for them to do their jobs, according to people familiar with the matter. The group has hired a lawyer to argue that they should be able to keep lucrative retention payments even if they quit, and they have also drafted a letter to Morgan Stanley CEO James Gorman outlining their concerns, though the letter has not yet been sent, the sources said.

    Rebecca Rothstein, one of the firm’s top advisers based in Beverly Hills, spoke to him on the group’s behalf, two sources familiar with the conversation said. Rothstein, who is close to Gorman and not part of the group, told him about the difficulties advisers and their clients are having – from trading delays and problems with foreign currency transactions to inaccurate account statements and bounced checks – and warned the group was planning to quit, one of the sources said…Morgan Stanley spokesman James Wiggins said the firm was aware that brokers have been voicing complaints about the new technology, but did not know anything about this specific group of advisers. “No such letter has been sent to management and no mass exodus has been threatened,” he said. “Management’s door is always open to discuss with any concerns they may have.”

    Morgan Stanley Smith Barney Rainmakers Consider Exit [Reuters]

    / Aug 31, 2012 at 3:33 PM
  • News

    Bloomberg: Not One Bank CEO Can Fill Jamie Dimon’s Shoes, Especially Not That Guy From Australia Who Doesn’t Own An Iron

    The House of Gorman will be saying good-bye to a few thousand Little Jims before year-end.

    Chairman and Chief Executive James Gorman said the firm’s work force at year-end will fall 7% from 2011, reflecting previously announced layoffs as well as the firm’s efforts in applying “a high bar for replacing attrition.” The forecast implies a reduction of more than 4,000 jobs from the firm’s global headcount of 61,899 at Dec. 31. Last winter, Morgan Stanley announced 1,600 job cuts spread across its businesses, which was its largest such cutback since late 2008 and early 2009. The firm completed roughly 4% to 5% of those cuts in January and will complete an additional 2% to 3% by the end of 2012, a spokeswoman said.

    Morgan Stanley Expects 7& Cut In Its Workforce [WSJ]

    / Jul 19, 2012 at 12:59 PM
  • News

    Layoffs Watch ’12: Morgan Stanley

    The House of Gorman is said to be in the process of letting some employees down easy.

    Morgan Stanley will this week complete a round of job cuts that will ultimately lead to the company shedding 100 sales and trading staff, underscoring what is expected to prove a dismal second quarter for Wall Street banks. The cuts are across Europe, the Middle East and Asia, according to people familiar with the New York-based bank’s plans. The bank has so far laid off about two-thirds of its original 100-person target, leaving some 33 people to go this week.

    Morgan Stanle Said To Shed Staff As Deals Fall [FT]

    / Jul 10, 2012 at 12:16 PM
  • News

    Layoffs Watch ’12? Morgan Stanley?

    James Gorman is approaching cost-cutting with the same focus as the Zodiac killer, so maybe.

    Morgan Stanley is “maniacally focused” on cutting costs apart from compensation and is on track to reduce expenses by $500 million this year, Chief Executive James Gorman said on Tuesday. Gorman, speaking at a conference in New York, also reiterated Morgan Stanley’s plans to reduce costs by $1.4 billion annually over the long term…The bank is also monitoring the size of its overall payroll for possible job cuts as revenue remains under pressure from a weak market environment, he said. “We are very, very focused on that, obviously, in this environment,” said Gorman.

    Morgan Stanley “maniacally” focused on cost cuts-CEO [Reuters]
    Very much related: Morgan Stanley Joins Goldman Sachs In Herbicide

    / Jun 12, 2012 at 2:23 PM
  • News

    Confidential To The Haters: Check Back In With James Gorman About Facebook In A Year

    Until then, step off, bitch.

    Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm’s role in Facebook’s tumultuous initial public offering, telling employees internally that the firm worked “100% within the rules” and calling the steep decline in Facebook’s stock “disappointing.” Mr. Gorman, in a weekly strategy meeting Tuesday that was later webcast to employees, said “speculation of nefarious activity” surrounding the social networking company’s IPO is untrue. Contrary to some reports, he said, he wasn’t “aware of any dissent” among the underwriting firms regarding Facebook’s IPO price of $38 a share. The discussion, called a strategy forum, is held weekly at the firm. The event, which Mr. Gorman attends periodically, features commentary from analysts and economists and is linked to on the company’s internal website.

    Mr. Gorman told employees to “be proud of the job your colleagues did [in the Facebook IPO process] and don’t judge us based upon what happened over a couple of days.” Commenting on Facebook’s stock performance, Mr. Gorman acknowledged the first day of trading “matters” but added investors should also judge an IPO based on its share price after 30 days, 90 days and 12 months.

    Morgan Stanley Chief Defends Facebook Handling [WSJ]

    / May 30, 2012 at 6:20 PM