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Dick Bove: James Gorman Will Do It Like Dimon

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.

Also, James doesn't care about what the government says or does, he's above that. And he won't give crazy statements like the one Mack gave in Davos.
He'll just pretend the government doesn't exist.
Per Bove, who listened to James' presentation yesterday: "What was most surprising is that the plan did not include any reference to the activities in Congress that may impact the company's future business model. Either he thinks they will not happen, or he believes that the changes being proposed will not impact Morgan in any major fashion."


James Gorman Will Say Something Nice About Wall Street When Wall Street Earns It

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.

(Getty Images)

James Gorman Is Not Amused

What the hell is wrong with you people?