As you may have heard, bonuses were announced at Morgan Stanley last week and while some employees here and there did okay for themselves, for the most part, people were not pleased with the fact that pay was down, on average by 20-30 percent. In fact, many were downright distraught, particularly among those who received zeros. As these things tend to go, a bunch of people have suggested they'll be taking their talents elsewhere, where they'll be appreciated and, at the very least, have made a point of sighing audibly around the office to express their disappointment. By now, though, hopefully everyone's gotten everything out of their systems because one person who's no longer interested in hearing it? James Gorman. The Morgan Stanley CEO appeared on Bloomberg TV this afternoon to get a few things off his chest and among them: 1) Those complaining should consider waking the fuck up 2) If you let money define your happiness, he feels sorry for you and 3) "If you are really unhappy, just leave." Seriously, get the hell out here.
Morgan Stanley Chairman and Chief Executive Officer James Gorman said employees understand why the firm had to cut pay, and those who don’t need to adjust their attitude. “You’re naive, read the newspaper, No. 1,” Gorman said he would tell miffed employees, speaking in an interview on Bloomberg Television. “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.”
Any other questions? No? Good! 'Cause there's a new James Gorman in town and he doesn't give a fuck! Gone are the days when no one had the balls to sit you down, eye-to-eye, one-on-one and say "Cut the shit." Moving forward, we're going to be doing things a little differently around here. Don't like it? There's the door, use it. Otherwise, saddle up, muchachos. [Drops the mic]
Morgan Stanley CEO Says Tone of Markets Improved [Bloomberg TV]