As you may have heard, yesterday afternoon, Morgan Stanley held a little good-bye party for John Mack, who will step down as chairman at the end of the year. What are Mack’s plans for the retirement phase of his life? Will he sail around the world? Restore old cars? Work on his golf game? Take up fly fishing? Move back down to his native North Carolina? Teach a course on business at his alma mater, Duke University? While those would all be admirable pursuits, it’s not likely Mack will have the time for them. Because John Mack, you see, has his sights set on something bigger. The realization of a dream, if you will. The dream of selling women’s shoes. Read more »
“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]
…from those hoping to occupy James Gorman’s domain. Read more »
In his tenure as CEO of Morgan Stanley, bonuses have been a bit of a sore spot for James Gorman. Last year he swore to god that he would “personally escort” anyone caught leaking numbers out of the building, earlier this month he was said to have suggested that things will be way, way down from last time around, and now? He can’t even look at you. Read more »
You could, if you wanted to, divide the world into people who find parsing through the Volcker Rule draft creepily fascinating, and people who would rather not, thanks for offering. The first category, as far as I can tell, consists of (1) me, in small doses, and (2) a PowerPoint-enabled band of lawyers at Davis Polk, who helpfully put together an insane flowchart of the Volcker Rule. The latter category is everyone else.
So if you were, say, David Viniar, and you clicked on Davis Polk’s flowchart and noticed that it had nineteen slides many of which look like this:
… you might say “fuck it, there has to be an easier way.” Fortunately, there is, and it’s right there on Step 1: if you’re not an insured depositary institution (or bank holding company or affiliate), you’re not subject to the rules and you can go merrily on your prop trading way.
True? Somebody thinks so:
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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 »
The Brits hate to be the bearers of bad news but if they have to, they have to. Read more »