Morgan Stanley

Early this year, a New York State Lottery winner in Brooklyn approached Morgan Stanley with a problem: he needed to borrow hundreds of thousands of dollars before he collected his prize money. The man, a Russian immigrant, wanted money to help move his family to a secure location before he redeemed his ticket and possibly became famous, according to people familiar with the matter who spoke on the condition of anonymity. He also wanted advice about what to do with his prize money, which was in the hundreds of thousands of dollars. The bank’s wealth management unit decided to make the loan to win a new customer, a step it is increasingly willing to make as it builds up its brokerage unit…Industry sources said they had never heard of a loan against a lottery ticket, though they cited other examples of atypical collateral that other banks have loaned against, including a client in Texas who borrowed against the future offspring of his prize bulls, and a client who borrowed against future ticket sales of a professional sports team he owned. [Reuters]

  • 29 Jul 2014 at 11:44 AM

Morgan Stanley Has A Treat For Senior Junior Bankers

It’s not all “if you don’t like your pay STFU or GTFO” tough love over at the House of Gorman. The firm’s oldest junior bankers are getting a nice little bump to their compensation to help out with liquidity issues they might be facing. Junior junior bankers are getting hope that they might one day get raises too. Read more »

But he’ll have to, for at least as long as it takes him to finish the firm’s online Twitter training course and as long as it takes his supervisor to sign off on his 140 characters. Read more »

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 »

  • 24 Jun 2014 at 2:59 PM

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 to the Times Square M and M’s store, the attention of a Fox Business reporter who obsessively tracks the size of the CEO’s balls, a regular who looks like a zombie, $20/night Seamless allowance, 24 year-olds who don’t give a FUCK, and a bouncer who’ll throw you out for calling him Jim. Read more »

“…the more I think about it, the more I like the ‘yo’ concept. And it’s not because of the app’s latest feature: you can send a ‘yo’ to the username ‘worldcup’ to receive a ‘yo’ (and nothing else) anytime a team scores a goal. Rather, it’s because I’ve always thought that there is beauty in simplicity. I’m a minimalist. I like to sit in my scarcely furnished study with white-washed walls while I write this comment. I hate Christmas decorations. When on a vacation, I like to sit on the shore and stare at the sea in the summer, or climb up a cold, white mountain silently on skis in the winter. I loved to read the late Barton Biggs’s simple but beautiful prose about investing. Life is full of complexity –family, friends, work, politics, financial markets, the global economy. Coping with complexity requires filtering, sorting, reduction, concentration and, at least sometimes, simplification. Sometimes, a simple ‘yo’ can say and mean more to your ‘contacts’ than all the babble.” [BI, earlier]

  • 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 »

  • 06 Jun 2014 at 11:18 AM

Layoffs Watch ’14: Morgan Stanley

The House of Jim is said to have spent the week telling a bunch of traders to clear out their desks. Read more »