If you’re looking for a cheerleader, go bark up another tree.
“Say you want to be out ahead of it and give a lot of speeches and talk about all the good we’re doing,” Gorman said today at an industry conference in New York. “And then some trader does some stupid thing like this guy at UBS did and he’s in jail and all bets are off,” Gorman said. He was referring to Kweku Adoboli, the UBS AG trader convicted of fraud this month in the largest unauthorized trading loss in British history…Traders at New York-based Morgan Stanley had too much latitude in the past, “what I call having an outsized sandbox,” Gorman, 54, said at the conference, which was sponsored by the Securities Industry and Financial Markets Association. “Until we can be really confident we’ve got discipline around the sandboxes, I think you have to be really careful not to be holier than thou,” Gorman said. “We’re going to be in the doghouse for a while.”
Incidentally, this would a good time to mention that Gorman’s bonus policy instituted last January– STFU or GTFO— still stands.
The good news is they can always sue.
- 20 Year-Old* Hedge Fund Summer Intern Wouldn’t Lower Himself To Working At Goldman Sachs If His Life Depended On It
- A Million Angels Smile Upon Goldman Sachs Summer Interns
- Memo To UBS Junior Bankers: IBD Chief Andrea Orcel Wants To See Asses In Seats
- Pay Hike Watch ’15: Deutsche Bank Junior Mistmakers