Bonus Watch '11: James Gorman Advises MD's To Keep Their Expectation Low

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Really low. Like lucky if you get a free cannoli low.

Sayeth Charlie Gasparino:

“Everything is not very good inside. It’s the end of the year, its bonus time. James Gorman is telling people to lower their expectations about 2011 bonuses. He is indicating they will be down from last year dramatically and some Managing Directors, the highest paid people, should get zero bonus this year...Morgan Stanley has no comment. ”

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Bonus Watch '13: Jim Gorman Gives Employees The Option To Either Take Their Bonus In Three Easy Installments

Since taking the reigns at Morgan Stanley in 2010, CEO James Gorman has guided the firm with a managerial style that boils down to telling people, more or less: You'll get it when you've earned it, "it" being anything from personal space to money to his respect. On the point of compensation, last year he told employees complaining about what they were paid to either open a newspaper and get over themselves or do everyone a favor and quit. Today brings news that this year, he's doubling down on that mandate and daring anyone to make something of it.