Earlier this week, in an interview with Bloomberg TV, Morgan Stanley CEO James Gorman was asked how he would respond to employees expressing disappointment with this year's bonuses. Perhaps at his wits end with compensation complaining, perhaps to indicate there is a new James Gorman in town and he is not to be fucked with, perhaps to get it through his staff's thick skulls that they ought to WAKE UP, perhaps because he thinks the building is getting overcrowded, Gorman said he'd tell them three things: "You’re naive, read the newspaper, No. 1. No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job. And No. 3, if you’re really unhappy, just leave. I mean, life’s too short.” When asked the same question by the same organization today, Brian Moynihan was slightly less aggressive in his answer. I mean, he'd like you to stay but he's not going to force anyone to do anything they're not comfortable with. Don't get him wrong he wants you to be there but please can we not have any intense discussions about it? Stay/go just please keep him out of it. The idea of you yelling at him makes his stomach turn. He can't do it. He won't.
"We don't have that many discussions [about bonuses]. We work with people all year long to understand we've got to perform as a company and they've got to perform as an individual. We're with people every step of the way. The discussion is always honest, open and fair. I wouldn’t [tell people to leave like Gorman did]. Our employees know what they're contributed and how they're paid. I just stay away from that."
If you absolutely must get into the bonus thing with someone, give Gorman a call. He'll probably still have some pent up aggression left over after dealing with Morgan Stanley people and won't mind pinch hitting for Brian.
BofA CEO: wouldn't tell employees to leave over pay [Bloomberg TV]