By its own estimation, Morgan Stanley’s bonuses are set to suck this year. The best employees have been told to hope for is a year on year decrease of 10 to 30 percent. And for his own part, chief exec James Gorman has been fairly vocal about the need for Wall Street to get to a place where failure isn’t rewarded isn’t rewarded as richly as success. Since some of Morgan Stanley’s business have not exactly succeeded with flying colors this year, it should follow that their staff will be compensated accordingly. Perhaps anticipating that there will be some unhappy campers, Jim has suddenly decided that while it’s no secret most people’s pay will be in the toilet, which he supports, Morgan Stanley must suppress this information from the outside world. How is Gorman planning on going about enforcing the new rule? Brute fucking force. Read more »
Morgan Stanley CEO James Gorman Threatens To Personally Fire Anyone Caught Leaking Bonus InformationBy Bess Levin
What was one factor that largely contributed to the financial crisis? According to Morgan Stanley CEO James Gorman, it was the guys who all thought they were suchhhhh big shots, whose formidable market savvy was matched only by the formidable bulge in their pants. “There are a fair number of the senior folks who actually believe they are uniquely qualified on all issues relating to finance,” Gorman said today. “As we saw, it’s just not true.” These people, Gorman says, need a smack to the face of reality, and it’s not until we break them down and inform them that, no, they are not the market gurus they think they are and, in actuality, that they don’t know shit, that we’ll be able to fix this thing. Read more »
James Gorman Promises Morgan Stanley Employees They Get To Keep Their Jobs For At Least Another 10 WeeksBy Bess Levin
As you may have heard, Morgan Stanley didn’t have the “best” third quarter. Inside the bank employees have been girding their loins for what that will mean for bonuses and in some cases, what it will mean for their jobs, period. At the same time, Meredith Whitney has been on tour saying that everyone is getting fired (she ball parks it at 80,000 “just in the US”). But these fears are apparently unfounded, according to CEO James Gorman, who shared some great news with the group earlier this week. Read more »
Does watching a couple twenty-somethings shave get you pumped about working in finance? Morgan Stanley may be the place for you. Read more »
James Gorman, aka “Jimmy G,” is sick and tired of all these reporters suggesting his firm is under some kind of investigation by the Feds. Just because Goldman has been charged by the SEC, doesn’t mean Morgan Stanley, which lost a lot more money than GS during the crisis, also bet against its own shitty CDO deals. All the noise surely points to a conspiracy of short-sellers. And he knows who you are and he will hunt you down. Quick, back to watching Miss USA pole dancing before he catches you.
The government’s going to stick its nose in Morgan’s bidness, not inform anyone at the bank about what it’s up to and then leak the investigation to the press? OH NO, THEY DI’INT. This was not how Dick Bové wanted to start her morning but, damn it, you bitches have forced her hand.
According to Dick Bove, James Gorman, noted bro of John Mack, does not want to follow in the footsteps of his predecessor but rather another CEO. In his latest report on Morgan Stanley, the analyst says Gorman is “clearly taking the approach that Jamie Dimon adopted in rebuilding his bank.”
He is focusing on the “nuts and bolts” of the businesses and attempting to improve each activity without making any sweeping visionary commitments.
Sleeping late, stepping on grapes, and attending Cher concerts– as a VIP, natch– mostly.
As Mr. Gorman continues to get his stride, he will have Mr. Mack peering over his shoulder as chairman for at least the next two years. Mr. Mack says he’s looking forward to spending more time at his Tuscan vineyard and shows off a picture of himself standing beside Cher backstage in Las Vegas, as well as other mementos from a 40-year career. “I really like my new role,” he says. “I didn’t come to work until 9:30 today!”
James Gorman is taking over Morgan Stanley on January 1 (4th?). Some of you (shareholders, employees) would probably appreciate a little insight from the horse’s mouth as to how he’s planning on running the place, etc. We’re not going to give that to you. What we will share is Jimbo’s favorite track to blast while hitting the bag.
During the financial crisis, Mr. Gorman…blew off steam by hitting a punching bag in a gym while listening to music. With “Back in Black,” by the Australian band AC/DC, playing, Mr. Gorman said, “you’ll definitely go faster.”
As John Mack takes his valedictory lap around Wall Street, The Wall Street Journal has decided to take the Knife down a few pegs. It seems that, in choosing a successor to Mack, the board thought it best to hire someone who shares nothing with Mack besides a penchant for cutting costs.
To begin with, James Gorman is Australian. But he’s not like the Australians you’ve seen on TV: He’s deliberate, cautious and doesn’t use foul language. In all the ways that count, he’s actually less Australian than North Carolina’s own John Makhoul.
He’s not even taking Johnny’s bigger office, allowing the dowager empress to keep her throne until he decides to throw her overboard. He’s threatened to discipline–after careful consideration–any floor trader that even looks at him, much less offers him a standing ovation. Gorman’s thinking on that point is simple: You don’t applaud the guy who’s cutting your balls off; you thank him quietly, miss, and start trading like the stupid girl that you are. And don’t dare call him Jim.
As you’re aware, John Mack is retiring at the end of this year and come January 1, James Gorman, who currently runs the firm’s brokerage unit, will take over as CEO. This has a gaggle of employees supposedly all nervous about what the change at the top might mean. Namely they’re worried about whether or not Big G will have it in him to take on enough risk to “regain lost ground against Goldman” (and if he’ll get everyone hopped up on sweets like Mack). Apparently Gorman’s been meeting with traders and has assured them “risk taking is going to be a part of [Morgan's] business” but some people are not yet convinced. Enter, an unnamed Gorman loyalist to offer a confidence inspiring quote. How does this guy know Gorman won’t dial down big bets? That he won’t give Lloyd Blankfein yet another opportunity to ask “how’s my ass taste”? That’ll he’ll do right by Morgan Stanley? Here’s how: letters.