Exciting news from the House o’ Gorman: employees will get more actual money come bonus time, like the kind you can use, touch, roll around in and less of the kind that’s just sort of theoretical. Read more »
In 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 »
It’s a swell time to be an investment banker at the House of Morgan. Bond traders at JP Morgan? Better luck next time. Read more »
With a strongly worded memo.
Subject: Proper Food Disposal
Well, raises for everyone at Goldman Sachs, Morgan Stanley, and Bank of America. JP Morgan and Citi are still pondering this one. Read more »
Revel, the Atlantic City Casino Morgan Stanley poured $1.2 billion into and then booked a $1 billion loss on when the bank washed its hands of the place, which still haunts some senior executives’ dreams and is the word James Gorman whispers to employees with a knowing glance when it looks like they’re about to get in over their heads on something, is shutting its doors. Read more »