For the last year or so, Morgan Stanley CEO James Gorman has sent a simple message to employees grumbling about compensation: STFU or GTFO. Now, according to Charles Gasparino, the bank may be telling a few employees to GTFO regardless of whether or not they've been bitching about pay.
Sources are telling the FOX Business Network that Morgan Stanley CEO James Gorman has put a lid on new hires, and is weighing layoffs. Sources say the firm has imposed an “informal hiring freeze,” and will not be adding staff; it will only replace key positions. The equity and fixed income trading divisions would likely be hit hardest by the layoffs. In January, Gorman will decide whether MS will begin additional job cuts.