Morgan Stanley Takes Hardline Stance On Snow

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As many of you might've heard, earlier today, the New York City public school system decided to cancel school for tomorrow, due to the reports of snow and the fact that every seems to be losing his/her shit over a little powder. These people included the employees of Morgan Stanley, who've apparently been spending the afternoon trying to get out of coming into the office tomorrow. In fairness, the bank had kind of given people an opening by sending out a note earlier that everyone should "expect delays in your business travel, so plan accordingly." Gorman and Co, however, have had enough of this "I'm commuting all the way from downtown," "I'm a pussy," etc. crap, and blasted out the following just now: "The Firm will be open for business throughtout this weather event." So, please plan accordingly, by growing a pair. This is not DC.


Layoffs Watch '12? Morgan Stanley?

James Gorman is approaching cost-cutting with the same focus as the Zodiac killer, so maybe. Morgan Stanley is "maniacally focused" on cutting costs apart from compensation and is on track to reduce expenses by $500 million this year, Chief Executive James Gorman said on Tuesday. Gorman, speaking at a conference in New York, also reiterated Morgan Stanley's plans to reduce costs by $1.4 billion annually over the long term...The bank is also monitoring the size of its overall payroll for possible job cuts as revenue remains under pressure from a weak market environment, he said. "We are very, very focused on that, obviously, in this environment," said Gorman. Morgan Stanley "maniacally" focused on cost cuts-CEO [Reuters] Very much related: Morgan Stanley Joins Goldman Sachs In Herbicide