Morgan Stanley CEO Still Getting Used To The Idea Of An Annual Meeting That Doesn't Involve Shareholders Handing Him His Ass On A Platter

Author:
Publish date:
Updated on

Not being told what a shitty job management is doing somehow feels off.

Morgan Stanley’s annual investor meeting lasted 20 minutes, and no one asked any questions. The gathering was notable only for its lack of excitement, and for the absence of one particular shareholder who always made the event more lively. James P. Gorman, the firm’s chief executive, paid respects to Harry Korba, an investor that Morgan Stanley executives had come to know for his colorful questions and photographic memory of the firm’s financial statements...

At Bank of America‘s shareholder meeting last week, a woman complained to its chief executive, Brian T. Moynihan, about the lack of handicapped parking at her local bank branch, and the fact that “you got a bonus and the stock price is terrible.” The quiet, brief gathering at Morgan Stanley’s offices in Purchase, N.Y., was in sharp contrast to other bank meetings taking place this month. On Tuesday, Morgan Stanley shareholders easily approved the company’s board of directors, its executive compensation plan and its auditor.

For Morgan Stanley, a Quiet Meeting of Shareholders [Dealbook]

Related

Bonus Watch '13: Morgan Stanley CEOs

The bad news: James Gorman's pay fell 30 percent this year. The good news: he's now in a position to show employees how to take these setbacks like a man, rather than grumbling like someone who puts their compensation in a one-year context to define their overall level of happiness.

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