Mr. Gorman sent an e-mail on Wednesday promoting the music career of his daughter, whose band, Madness and the Film, released an EP, four songs on iTunes, over the weekend. “She recorded the music with a British musician over the past six months,” Mr. Gorman wrote in the e-mail. “They co-wrote lyrics, music and play and sing the songs. He is lead vocals and she sings back-up and plays numerous instruments.” In an interview, Mr. Gorman said Caroline, 17, has always had a passion for music and plays piano in her school’s orchestra. When she was 15, Ms. Gorman was playing in bars and had booked studio space in Chelsea. She spent every Friday night for months recording her first CD. “She plays everything,” he said. Last year, while in upstate New York, Ms. Gorman met David Breeze, a British musician, and the two of them joined together to form Madness and the Film. The songs released on iTunes have a melodic, indie pop rock feel to them. [Dealbook, related, related, related]
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
Confidential To The Haters: Check Back In With James Gorman About Facebook In A Year
Until then, step off, bitch. Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm's role in Facebook's tumultuous initial public offering, telling employees internally that the firm worked "100% within the rules" and calling the steep decline in Facebook's stock "disappointing." Mr. Gorman, in a weekly strategy meeting Tuesday that was later webcast to employees, said "speculation of nefarious activity" surrounding the social networking company's IPO is untrue. Contrary to some reports, he said, he wasn't "aware of any dissent" among the underwriting firms regarding Facebook's IPO price of $38 a share. The discussion, called a strategy forum, is held weekly at the firm. The event, which Mr. Gorman attends periodically, features commentary from analysts and economists and is linked to on the company's internal website. Mr. Gorman told employees to "be proud of the job your colleagues did [in the Facebook IPO process] and don't judge us based upon what happened over a couple of days." Commenting on Facebook's stock performance, Mr. Gorman acknowledged the first day of trading "matters" but added investors should also judge an IPO based on its share price after 30 days, 90 days and 12 months. Morgan Stanley Chief Defends Facebook Handling [WSJ]