Which apparently represents a 9.5% drop from last year and “the lowest number of employees it promoted to that role since 2008,” lest anyone think Jim Gorman is fucking around. The era of cannolis and promotion free-for-alls is over. [WSJ, full list]
“The stock price in no way reflects how well the firm is doing,” Gorman said last night at a private party for current and former Morgan Stanley executives. “We have a strategy in place, the market isn’t appreciating that yet.” [FBN]
Cuts occurring circa now, tomorrow. Read more »
Back in August, it was revealed that Goldman Sachs had added a disturbing element to its cost-cutting efforts: plant murder. The lobby philodendrons? Gone. Boston Ferns by the elevator? To the dumpster. The third floor Geraniums that lined the windows? Left for dead.
The While every bank on Wall Street is bracing for serious reductions in staff, compensation and “extras,” Goldman had been the only one to date that choose to commit genocide to help its bottom line. Employees were, understandably, shocked by the decision, which reportedly “provoked disquiet at the bank,” with some putting their jobs on the line to “block the move, leading to a stand-off between the plant pickers and staff. In some cases, a solution was found only after employees agreed to sign forms guaranteeing to take responsibility for particular plants.”
At the time, other institutions scoffed at the seemingly heartless move to save a few bucks, claiming you’d never catch them following suit. And yet? According to the Times, Goldman is not alone. Read more »
Dick Bové Was The First Person James Gorman Called Yesterday To Say Nothing Is Fucked At Morgan StanleyBy Bess Levin
Yes. Read more »
James Gorman Looks At Today’s Smoking Wreckage, Decides He Could Use A Smidge More MS In His PortfolioBy Matt Levine
Not only is Morgan Stanley gaining FICC market share, dominating tech IPOs, and not laying off scads of people, but its CEO thinks it’s a buy:
James Gorman, chief executive officer of Morgan Stanley, purchased $2.06 million of stock in the firm as the shares touched their lowest level since March 2009.
Gorman bought 100,000 shares today at a weighted average price of $20.62, according to a filing with the U.S. Securities and Exchange Commission. The stock tumbled $1.32 on the New York Stock Exchange, or 6.3 percent, giving Gorman a $92,000 one-day loss on the transaction.